Other Tax Return Filing
there are other Income Tax Return forms depending on your sources of income and the nature of the taxpayer. Here's a brief overview of the other common ITR forms
- Who can use it: Individuals and Hindu Undivided Families (HUFs) who do not have income from profits and gains from business or profession, but have income from other sources like:
- Salary or Pension (if total income exceeds ₹50 lakh or have more than one house property)
- More than one House Property
- Capital Gains (both short-term and long-term, including those not covered under ITR-1)
- Other Sources (including winnings from lottery, income from racehorses, etc.)
- Agricultural income exceeding ₹5,000
- Foreign Assets/Foreign Income
- Being a Director in a company
- Having invested in unlisted equity shares
- Key Differences from ITR-1: This form is more detailed and requires reporting of capital gains, income from multiple house properties, and foreign income/assets, which are excluded from ITR-1.
- How to File: Similar to ITR-1, ITR-2 can be filed online through the Income Tax e-filing portal. You'll need to navigate to the 'e-File' section and choose ITR-2 when filing your return. The process involves filling in various schedules related to your income sources, deductions, and tax computation. Ensure you have all necessary documents like Form 16, capital gains statements, and details of other income.
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