ITR-2 is an Indian income-tax return form for individuals and Hindu Undivided Families (HUFs) who do not have income chargeable under “Profits and Gains of Business or Profession,” subject to the form’s other conditions. For Assessment Year (AY) 2026-27, it can cover income such as salary, house property, capital gains and other sources; it is not limited to people earning ₹50 lakh or less.
AY 2026-27 is for income earned during Financial Year 2025-26. Form eligibility, tax settings and deadlines depend on the assessment year, so check the official instructions for the year you are filing.
Who can file ITR-2 for AY 2026-27?
The Income Tax Department lists ITR-2 for individuals, whether resident or non-resident, and HUFs whose income is not chargeable under the business or profession head. The form may apply when a filer has one or more of these income types or circumstances:
- Salary or pension.
- Income from one or more house properties, including more than two properties.
- Short-term or long-term capital gains.
- Other sources, such as interest or winnings from lotteries, racehorses, betting or gambling.
- Agricultural income exceeding ₹5,000.
- Company-director status or ownership of unlisted equity shares at any time during the relevant previous year, subject to the other eligibility rules.
The department says ITR-2 may be filed irrespective of total income, including when it exceeds ₹50 lakh. That is a statement about the form’s income ceiling, not a guarantee that ITR-2 fits every person with income above that amount. See the Income Tax Department’s AY 2026-27 form guidance.
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Who should not use ITR-2?
An individual or HUF whose total income includes income chargeable under “Profits and Gains of Business or Profession” cannot file ITR-2 under the department’s stated eligibility. The FAQ also identifies income in the nature of interest, salary, bonus, commission or remuneration due or received from a firm and taxable under that head. Because the rule turns on how income is classified, do not assume that any payment connected with a business automatically has the same treatment.
Business or professional income generally means you should assess ITR-3 or another form for which you qualify. Do not select a form solely because it appears simpler; check all current-year conditions.
How does ITR-2 compare with ITR-1, ITR-3 and ITR-4?
This is a high-level orientation for AY 2026-27. The right form depends on taxpayer type and residency, all income heads, capital-gains details, foreign assets or income, thresholds and exclusions.
| Form | Broad fit | Key distinction |
|---|---|---|
| ITR-1 (Sahaj) | Certain resident individuals with specified income sources and total income up to ₹50 lakh. | Additional restrictions apply, including in circumstances involving director status, short-term capital gains, unlisted shares, foreign assets or income, and other exclusions. |
| ITR-2 | Individuals not eligible for ITR-1 and HUFs, with no income chargeable under the business or profession head. | No ₹50 lakh ceiling is stated for ITR-2; it can cover capital gains and multiple house properties. |
| ITR-3 | Individuals and HUFs with business or professional income, subject to the relevant rules. | Consider it when income is chargeable under the business or profession head. |
| ITR-4 (Sugam) | Qualifying resident individuals, HUFs and firms other than LLPs using presumptive taxation under specified sections. | A simplified optional form for qualifying presumptive-income cases; limits and exclusions apply. |
For the detailed AY-specific criteria, consult the department’s return-applicability guidance.
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The return includes a general-information section and schedules for income, deductions, taxes and related disclosures. Depending on your circumstances, these can include:
- Salary, house property, capital gains and other sources, including Schedule 112A and virtual digital assets.
- Loss set-off and carry-forward, deductions, alternative minimum tax (AMT) and AMT credit, specified income, exempt income, pass-through income and clubbing of income.
- Foreign-source income and tax relief, foreign assets, and assets and liabilities.
- Total income, taxes paid and total tax computation.
Complete the schedules that apply to you; not every ITR-2 filer needs every schedule. Review prefilled personal information carefully. The department’s manual notes that some personal details must be changed in your e-Filing profile rather than directly in the return. The official ITR-2 user manual explains the form and portal service.
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Which tax regime applies, and what AY 2026-27 figures should you know?
For AY 2026-27, the new tax regime is the default in the department’s ITR-2 instructions. A taxpayer who wants the old regime must explicitly opt out. The manual also notes that only specified deductions are enabled in the deduction section under the default regime. Which regime is more suitable depends on your circumstances and the rules applicable to your return.
The department’s AY 2026-27 FAQ lists these new-regime slab rates:
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| Taxable-income band | Listed rate |
|---|---|
| Up to ₹4 lakh | Nil |
| ₹4,00,001 to ₹8 lakh | 5% |
| ₹8,00,001 to ₹12 lakh | 10% |
| ₹12,00,001 to ₹16 lakh | 15% |
| ₹16,00,001 to ₹20 lakh | 20% |
| ₹20,00,001 to ₹24 lakh | 25% |
| Above ₹24 lakh | 30% |
The same FAQ describes a Section 87A rebate of up to ₹60,000 for total income up to ₹12 lakh under the new regime. These are AY-specific figures; they do not by themselves determine an individual’s tax liability. Check the official AY 2026-27 FAQ and form guidance for conditions and current instructions.
What records should you gather before filing?
The department’s FAQ suggests using records such as these to prepare and cross-check the return. Which ones you need depends on your income and claims; this is not an exhaustive checklist.
- Form 16 for salary and Form 16A where applicable for tax deducted on interest.
- Form 26AS and the Annual Information Statement (AIS) to cross-check tax and financial information.
- Share or securities statements relevant to capital gains.
- Bank passbooks or fixed-deposit records for interest income.
- Property and rent records for house-property income.
- Evidence supporting current-year or carried-forward losses.
Resolve mismatches between your records and prefilled information rather than assuming that prefilled entries are complete or correct.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How can you file ITR-2?
The Income Tax Department provides online filing through the e-Filing portal and an offline utility for preparing and submitting the return. Its online manual lists these prerequisites:
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- A registered e-Filing portal account and valid login credentials.
- An active PAN.
- At least one validated bank account.
- Access to a verification method: Aadhaar OTP, digital signature certificate (DSC), or electronic verification code (EVC) through net banking, bank account or demat account.
The manual lists PAN-Aadhaar linkage as recommended. The department’s ITR-2 manual describes the filing service, while the official downloads page provides utility information. Utility availability and release versions can change.
What is the AY 2026-27 filing deadline?
The portal notice dated 29 September 2026 says the AY 2026-27 return deadline was extended from 31 October 2026 to 21 November 2026 for the persons specified at Sl. No. 2 in the table under Explanation 2 to subsection (1) of section 139. It also extended audit-report deadlines for that specified class. The 21 November date is not a general deadline for every ITR-2 filer. Check your category and Circular No. 07/2026 in the Income Tax Department’s portal notices before relying on a date.
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