ITR-2 is for those whose income goes beyond a normal salary and a house. If you have capital gains or capital losses from shares, mutual funds or other investments, own more than one house property, have any property or income abroad or your agricultural income is more than Rs 5,000, then you should file ITR-2. Apart from this, company directors, board members, shareholders of unlisted companies and NRIs also come under the purview of ITR-2.
How to file ITR-2 online?
To fill ITR-2, first login to the e-filing portal of the Income Tax Department with the help of your PAN and password. After this, go to the ‘e-File’ menu and select the option of ‘Income Tax Returns’ and then ‘File Income Tax Return’. Start online filing by selecting Assessment Year 2026-27 here.
The system will automatically fill many information based on your AIS, TIS and Form 26AS. But definitely match them with your income, investments and bank records, so that no mistake is left.
Take special care while filling capital gains information
The most important part in ITR-2 is capital gains. In this, information related to purchase and sale of shares, mutual funds and other assets has to be filled correctly. Tax calculation may be incorrect if there is a mistake in entering the date of purchase and sale, price and other important details.
Apart from this, information about salary, house property, interest, dividend and other income should also be filled carefully. Choose the option between the new and old tax regime, which reduces your tax liability.
Don’t forget to do e-verification
After filing the return, match the TDS and advance tax with Form 26AS. If there is any tax outstanding, pay it first. After this, after submitting the return, it is necessary to e-verify through Aadhaar OTP, net banking or other available means within 30 days. If e-verification is not done, the return will not be considered filed and it can be considered defective.
Why is it important to file returns on time?
Late fees may be charged for filing returns after the July 31 deadline. At the same time, people who have suffered capital loss may also lose the benefit of carrying forward in future years if they do not file ITR on time. Therefore, tax experts advise that all those filing ITR-2 should check their information in time and file the return without waiting for the last date.
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