Navigate the complexities of ITR-2 filing with our detailed guide. Understand eligibility, changes, and step-by-step filing instructions for AY 2026-27.
Eligibility for ITR-2
Key Changes in ITR-2 for AY 2026-27
Step-by-Step Filing Process
Tax Calculation Example
FAQs on ITR-2 Filing
Determine if you are eligible to file ITR-2 for AY 2026-27.
Who Should File ITR-2
ITR-2 is applicable for individuals and HUFs who do not have income from business or profession.
Individuals with income from salary or pension exceeding ₹50 lakh.
Income from more than one house property.
Capital gains from sale of assets.
Who Cannot File ITR-2
Certain taxpayers are not eligible to file ITR-2.
Individuals with income from business or profession.
Taxpayers eligible to file ITR-1 (Sahaj).
Individuals claiming relief under Section 90 or 91.
Stay updated with the latest changes in ITR-2 for the assessment year 2026-27.
Revised Tax Slabs
The Finance Act 2025 introduced new tax slabs.
New regime tax slabs starting at 5% for income up to ₹2.5 lakh.
Old regime continues with standard deductions.
Additional surcharge for income above ₹1 crore.
Changes in Deductions
Modifications in available deductions under various sections.
Increase in deduction limit under Section 80C to ₹2 lakh.
Standard deduction for salaried individuals increased to ₹60,000.
New deduction introduced under Section 80EEB for electric vehicle loans.
A detailed guide to filing your ITR-2 for AY 2026-27.
Gather Required Documents
Ensure you have all necessary documents before starting the filing process.
Form 16 from your employer.
Bank statements for the financial year.
Details of capital gains transactions.
Filing ITR-2 Online
Steps to file ITR-2 through the Income Tax e-filing portal.
Log in to the e-filing portal using your PAN.
Select 'ITR-2' from the list of forms available.
Fill in the required details and validate your form.
Understand how to calculate your tax liability with a practical example.
Example Scenario
An individual with salary income, house property, and capital gains.
Salary income: ₹12 lakh.
Income from house property: ₹2 lakh.
Capital gains from mutual funds: ₹1 lakh.
Tax Calculation
Step-by-step calculation of tax liability.
Total income: ₹15 lakh.
Deductions under Section 80C: ₹1.5 lakh.
Taxable income: ₹13.5 lakh.
What is the last date to file ITR-2 for AY 2026-27?
The last date to file ITR-2 for AY 2026-27 is July 31, 2026. It is advisable to file your return well before the deadline to avoid any last-minute issues.
Can I file ITR-2 if I have income from a partnership firm?
No, if you have income from a partnership firm, you should file ITR-3. ITR-2 is not applicable for individuals with business income.
Are there any penalties for late filing of ITR-2?
Yes, a late filing fee under Section 234F can be levied. The fee is ₹5,000 if filed after the due date but before December 31, 2026, and ₹10,000 if filed later.
How can I claim deductions under Section 80C?
To claim deductions under Section 80C, you need to invest in eligible instruments like PPF, ELSS, or NSC. The maximum deduction allowed is ₹2 lakh for FY 2025-26.
What documents are required for claiming HRA exemption?
To claim HRA exemption, you need rent receipts, rental agreement, and PAN of the landlord if the annual rent exceeds ₹1 lakh.
Is it mandatory to file ITR-2 if my income is below the taxable limit?
It is not mandatory to file ITR-2 if your income is below the taxable limit, unless you have foreign assets or wish to claim a refund.
Can I revise my ITR-2 after submission?
Yes, you can revise your ITR-2 before the end of the assessment year or before the completion of assessment, whichever is earlier.
What is the difference between ITR-1 and ITR-2?
ITR-1 is for individuals with income up to ₹50 lakh from salary, one house property, and other sources. ITR-2 is for individuals with income above ₹50 lakh or capital gains.