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ITR-2 Filing Package Inclusions
ITR-2 preparation for capital gains and foreign assets
Capital gains computation: equity, property, mutual funds
Foreign asset and signing authority schedule (FA)
E-filing with e-verification
Acknowledgement and refund status tracking
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Overview: ITR-2 is where simple returns stop working
The ITR forms are a ladder. ITR-1 sits at the bottom: residents, total income up to ₹50 lakh, salary or pension, one house property, other sources like interest, nothing exotic. ITR-2 is the next rung — everything ITR-1 accepts, plus capital gains (short and long term), foreign assets and income, ESOPs/RSUs, crypto, more than one house property, agricultural income above ₹5,000, and income above ₹50 lakh.
Hard boundary: ITR-2 filers must have zero income from business or profession. Freelance receipts, intraday or F&O profits, a proprietorship, taxable partner remuneration, or presumptive income under 44AD/44ADA/44AE all push you to ITR-3 or ITR-4. No exceptions.
Two facts for AY 2026-27. This return is governed by the Income-tax Act, 1961 — the new Income-tax Act, 2025 (assent 21 August 2025) applies only from Tax Year 2026-27. And anyone eligible for ITR-1 may also file ITR-2 — but use the simpler form when you qualify.
Who must file ITR-2: the triggers
Any single one of these puts you in ITR-2 — each is a disqualifier for ITR-1.
Capital gains of any kind. Listed shares, mutual funds, a flat, land, unlisted equity — STCG and LTCG both live in Schedule CG; crypto in the VDA schedule. The most common trigger.
Foreign assets or foreign income. A US brokerage account, RSUs vesting abroad, a foreign bank account, even signing authority over one — all pull you into ITR-2 and Schedule FA.
NRI or RNOR status. Non-residents and RNORs cannot file ITR-1 at all. ITR-2 is their default form, provided they have no business income.
Company directorship. You hold a directorship — even unpaid — ITR-1 is off the table. ITR-2 it is.
Unlisted equity shares. Startup ESOP pools, angel rounds, private company shares — ITR-1 excludes these; ITR-2 asks for them.
Total income above ₹50 lakh. Purely an ITR-1 restriction; ITR-2 takes salary at any level.
More than one house property. Two flats, a house plus a let-out shop — the second property moves you here.
Agricultural income above ₹5,000. Exempt, but above this threshold it enters the return for rate purposes.
ESOPs and RSUs. The perquisite at exercise and the capital gain at sale both go here, provided you have no business income.
Lottery, winnings, crypto. Winnings and virtual digital asset gains go to the relevant schedules.
You do not need all of these. One trigger is enough.
Who must NOT file ITR-2
ITR-2 is prohibited — not merely discouraged — for anyone with income from business or profession. That includes:
Freelancers and consultants (even with a salaried day job).
Intraday and F&O traders (business income, not capital gains).
Proprietors, partners receiving taxable remuneration, commission or agency income.
Anyone on presumptive taxation under section 44AD, 44ADA or 44AE.
These taxpayers file ITR-3 (or ITR-4 under the presumptive scheme). Filing ITR-2 anyway — because it looks simpler, or the trading "felt like investing" — is the classic wrong-form mistake: a defective-return notice under section 139(9), a delayed refund, and possible loss of carry-forward rights.
Capital gains deep-dive: Schedule CG and the post-Budget 2024 rate map
For most ITR-2 filers, Schedule CG is the heart of the return — and the Budget 2024 changes apply squarely to FY 2025-26.
The current rate map (FY 2025-26):
STCG on listed equity and equity funds: 20% (section 111A) — raised from 15% by Budget 2024.
LTCG on listed equity: 12.5% above a ₹1.25 lakh annual exemption (section 112A) — rate up from 10%, exemption up from ₹1 lakh.
LTCG on property and other assets: 12.5% with no indexation. Budget 2024 removed indexation — the inflation adjustment that used to shrink taxable gains on long-held property. For old assets, the trade-off can cut either way. Compute it; don't guess.
Unlisted shares and most other assets: STCG at slab rate; LTCG at 12.5% without indexation.
Inside Schedule CG, 112A gains (listed equity, ₹1.25 lakh exemption tracked) sit apart from 115AD gains (foreign institutional investors — most individuals skip this) and the general tables for property, debt funds and other assets. Each row wants acquisition/transfer dates, consideration, cost, and the gain or loss. Sloppy dates are a quiet source of notices.
The rate changes arrived mid-cycle, so FY 2025-26 contains sales taxed at different rates depending on transaction dates. Two sales in the same return can carry different rates. The schedules handle this — but only with clean, date-wise data.
Foreign assets and Schedule FA: the highest-stakes schedule in the return
Schedule FA asks blunt questions: foreign bank accounts, financial interests, immovable property or other assets outside India? Signing authority over a foreign account? Any income from outside India?
For residents, answering these is mandatory, not optional — and this is the highest-stakes schedule in the return. Non-disclosure of foreign assets attracts penalties under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, on top of the income-tax consequences. This is a separate statute with its own penalty regime, and it does not care whether the omission was deliberate or a careless skip.
The triggers are more common than people think: vested RSUs in a US-listed parent, an old NRE/NRO-linked foreign account, a dormant account from a work stint abroad, ESPP holdings, even crypto on a foreign exchange. If you are a resident and any of these exist, Schedule FA must be filled. The companion schedules — FSI (foreign source income, country-wise) and TR (DTAA relief) — are where foreign tax credits are claimed.
Key schedules in ITR-2, in plain language
ITR-2 is a set of schedules stitched together:
Schedule S — Salary. Salary and pension, standard deduction (₹75,000 under the new regime), perquisites. ESOP perquisites at exercise land here, before the later sale becomes a capital gain.
Schedule HP — House Property. Let-out or deemed-let-out properties, 30% standard deduction, housing-loan interest. More than one property is exactly why many filers are here.
Schedule CG — Capital Gains. The deep-dive above: 111A, 112A, 115AD and general tables for STCG/LTCG.
Schedule OS — Other Sources. Interest, dividends, family pension, lottery and winnings, gifts above the threshold, and residual income.
Schedule FA — Foreign Assets. Above. Mandatory for residents with foreign assets, income or signing authority.
Schedule FSI — Foreign Source Income. Country-wise breakup of income earned outside India, feeding the tax credit computation.
Schedule TR — Tax Relief. DTAA relief (sections 90/90A), so tax paid abroad is not taxed twice.
Schedule VDA — Virtual Digital Assets. Crypto and NFT gains at 30% plus 4% cess (31.2%) under section 115BBH. Only cost of acquisition deductible; no loss set-off, no carry-forward. The 1% TDS under section 194S usually appears in 26AS/AIS too.
Schedules CYLA, BFLA and CFL — loss set-off and carry-forward. Current-year adjustment, brought-forward adjustment, and the carry-forward statement. This is where capital losses are preserved for eight assessment years under section 74 — provided the return was filed on time.
Documents checklist: gather before you log in
Most filings fail at the document stage. Gather these first:
1. PAN and Aadhaar (linked).
2. Form 16 from every employer during FY 2025-26, plus salary slips for cross-checking perquisites.
3. Form 26AS, AIS and TIS — download from the e-filing portal. AIS is the department's widest lens; mismatches with your return are a leading notice trigger.
4. Bank statements and interest certificates for all accounts, including NRO/NRE for NRIs.
5. Capital gains statements — broker P&L reports, mutual fund statements, property sale/purchase deeds, ESOP exercise and sale statements with dates and FMV.
6. Foreign asset and income records — foreign bank/brokerage statements, RSU/ESPP statements, foreign tax-paid proofs for DTAA credit.
7. Crypto transaction history — exchange ledgers with dates, quantities and values for Schedule VDA.
8. Rent receipts or rental agreements, home loan interest certificates, co-ownership details.
9. Deduction proofs (80C, 80D, 80TTA etc.) — only if opting out of the new regime.
10. Advance tax and self-assessment tax challans.
Filing before mid-June is risky. Companies have until 31 May to file TDS returns, so Form 16, 26AS and AIS data may be incomplete. File on half the data and you may face a mismatch notice for income the department recorded but you didn't see.
Step-by-step: filing ITR-2 on the e-filing portal
1. Log in to incometax.gov.in, open e-file → Income Tax Return, and select assessment year 2026-27 and ITR-2.
2. Choose your regime. With no business income, you pick old or new regime afresh every year inside the return — Form 10-IEA is not required (it's for business-income filers). Compare both: the new regime (nil to 30% plus 4% cess; ₹60,000 87A rebate making income up to ₹12 lakh tax-free — ₹12.75 lakh for salaried after the ₹75,000 standard deduction) wins for most people without large deductions. Marginal relief softens the band just above ₹12 lakh.
3. Pre-fill and verify. The portal pre-fills salary, TDS and interest data. Treat pre-fill as a draft, not gospel — verify every figure against your documents, especially AIS entries the portal may have added.
4. Fill the schedules. S, HP, CG, OS, then FA/FSI/TR/VDA as applicable. Enter capital gains date-wise; foreign assets completely.
5. Claim deductions (old regime) or confirm new-regime defaults. Set off current-year losses; enter brought-forward losses in CYLA/BFLA/CFL.
6. Validate, compute and pay. Run the portal's validation, review the computation, pay any self-assessment tax due, then submit.
7. Submit and e-verify within 30 days — Aadhaar OTP, net banking or other modes. An unverified return is treated as not filed: the legal filing date is the verification date, so late verification can convert an on-time filing into a belated one.
Common mistakes that cost ITR-2 filers real money
Wrong form in either direction. Business income tucked into ITR-2's "other sources" draws a defective-return notice under section 139(9), delayed refunds, and possible loss of carry-forward. Filing ITR-1 when ITR-2 was required — skipping Schedule FA or capital gains because the simpler form "went through" — leaves a return that is defective in substance, with foreign-asset omissions carrying Black Money Act exposure.
Missing the loss carry-forward. Capital losses must be reported in a return filed by the due date (31 July 2026) to carry forward under section 74 for up to eight assessment years. Belated filers lose this permanently — this deadline is worth more than most deductions.
Ignoring AIS mismatches. A mutual fund redemption or high-value credit on the AIS that you didn't report invites scrutiny. Reconcile first, file second.
Wrong regime choice. Defaulting to the new regime without comparing, or clinging to the old one. Run both; the difference is often five figures.
Filing too early. Before mid-June, with incomplete TDS data, then discovering in August that the Form 16 figures changed. Wait for the data to settle.
Forgetting e-verification. After 30 days the unverified return dies legally. Set a reminder the day you file.
What happens after you file
Once verified, the return goes to the CPC in Bengaluru. Processing under section 143(1) produces an intimation — accepted as filed, or adjusted for TDS/AIS mismatches. A 143(2) notice means scrutiny. Refunds go to the pre-validated bank account — keep one nominated.
Keep every document behind the return — sale deeds, broker statements, foreign account records, crypto ledgers. If a notice arrives two years later, the return alone will not defend itself.
Late filing: the real cost of missing 31 July 2026
The calendar for AY 2026-27: due 31 July 2026 (non-audit), belated by 31 December 2026, revised by 31 March 2027, updated return under 139(8A) up to four years later with additional tax. But "you can still file" is not "it costs nothing":
Late fee (234F): ₹1,000 if income is up to ₹5 lakh; ₹5,000 above that.
Interest (234A): 1% per month on unpaid tax, running from the due date.
Loss of carry-forward: capital losses can't be carried forward in a belated return — this dwarfs the ₹5,000 fee.
Delayed refunds, closer scrutiny: belated returns sit lower in processing priority.
How ComplyKart helps with ITR-2
ITR-2 is where professional review pays for itself — one misclassified schedule or one missed foreign asset can cost multiples of the filing fee. Our tax team handles the return end to end: capital gains with correct 112A/115AD classification and Budget 2024 rates applied date-wise, Schedules FA/FSI/TR with DTAA credits, ESOP/RSU reporting across exercise and sale, crypto in Schedule VDA, regime comparison on real numbers, AIS/26AS reconciliation, and e-verification follow-through. You approve the computation; we handle the portal.
Income-tax Act, 2025 (assent 21 August 2025) — applicability from Tax Year 2026-27 only
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 — foreign asset non-disclosure penalties
CBDT ITR-2 form and instructions for AY 2026-27; e-filing portal incometax.gov.in
FAQ
Frequently asked questions
11 answers from our consultants.
You pay for our expert's time — document checking, filing, follow-ups — not the government. The government fee goes to the government; our fee is for the work we do so you don't have to figure it out yourself.
If you have any business or professional income — freelancing, trading as a business — you need ITR-3. ITR-2 is for salary, capital gains, rent, and other sources without business income. Tell us your income mix and we will pick the right form.
The sale deed, the purchase deed (to establish cost), and details of any capital gains account scheme deposits. If you bought another property to claim exemption, we need those papers too.
Twice, potentially: as salary perquisite when they vest or you exercise, and as capital gains when you sell the shares. Both need correct reporting — this is one of the most commonly botched areas in self-filed returns.
Typically July 31 following the financial year for individuals, unless extended. NRI or not, the same date applies to you.
A revised or updated return may be possible depending on timing. The penalty regime for undisclosed foreign assets is strict, so get advice before the department finds it first.
Capital losses can generally only be set off against capital gains, not salary — with short-term and long-term rules differing. We map your losses so none go to waste.
Quote-based, depending on the number of transactions and disclosures involved. Request a quote with a rough description of your income.
Once we have all documents, typically 3–5 working days. Complex portfolios with many transactions take longer — we will tell you upfront.
Depends on your income sources. Salary + one house + other income: ITR-1. Business or profession: ITR-3 or ITR-4 (presumptive). Companies: ITR-6. Filing the wrong form gets your return marked defective — we pick the right one.
Belated returns attract a fee (Rs.5,000, or Rs.1,000 if income is below Rs.5 lakh), you lose the right to carry forward most losses, and interest accrues under Sections 234A/B/C. File on time — it's free to be punctual.
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