✅ Who Should File ITR‑2?

Individuals & HUFs not eligible for ITR‑1 (e.g., salary+capital gains, foreign assets income) cleartax.in+15taxgst.in+15incometax.gov.in+15
Ineligible: Anyone with business or professional income (and related), partnered firm income, or commission/bonus from partnership

Key Use-Cases:

Income from salary/pension
Multiple house property income
Capital gains (STCG/LTCG), including virtual digital assets
Foreign assets/income or unlisted equity shares
Agricultural income > ₹5,000
Director of a company
Lottery, racehorse winnings, other sources reddit.com+11cleartax.in+11cleartax.in+11

🆕 New for AY 2025–26 (Applicable from FY 2024–25)

Separate section for Capital Gains (pre-/post‑23 July 2024)
Capital losses from share buybacks allowed if corresponding dividend is declared en.wikipedia.org+8cleartax.in+8timesofindia.indiatimes.com+8
Assets & liabilities reporting threshold increased to ₹1 crore cleartax.in+1timesofindia.indiatimes.com+1
Enhanced TDS reporting, Schedule-TDS requires reporting TDS section codes reddit.com+2cleartax.in+2maxlifeinsurance.com+2

✍️ Form Structure: Schedules & Sections

Part A: General

Verifies pre-filled taxpayer info; includes filing status and bank details
Option to opt-out of the default New Tax Regime (Section 115BAC) incometax.gov.in+6incometax.gov.in+6incometax.gov.in+6

Income & Assets Schedules

Schedule S: Salary/Pension
Schedule HP: House Property
Schedule CG: Capital Gains
Schedule OS: Other Income (interest, dividends, etc.)
Schedule FA / FSI: Foreign assets/income details
Schedule AL: Assets & Liabilities (₹1cr threshold) economictimes.indiatimes.com+13acko.com+13taxguru.in+13 taxguru.in timesofindia.indiatimes.com

Losses & Deductions

CYLA/BFLA: Current-year/brought-forward loss adjustments
CFL: Losses carried forward
Schedule VI‑A: Chapter VI‑A deductions (e.g., 80C, 80D, 80G)
Schedule 80G / 80GGA: Donations
Schedule AMT / AMTC: Alternate Minimum Tax computations reddit.com+3incometax.gov.in+3taxguru.in+3

Special Income Types

Schedule EI: Exempt income (e.g. agricultural, tax-free dividends, buybacks)
Schedule SI: Income taxed at special rates (e.g., LTCG section 112A)
Schedule SPI: Income of specified persons (spouse/minor children)
Schedule PTI: Pass-through income from trusts/investment funds reddit.com taxgst.in incometax.gov.in+4incometax.gov.in+4taxgst.in+4

Tax Relief & Credits

Schedule TR: Relief under DTAA (Sections 90/90A/91)
Schedule TDS / TCS: Tax deducted/collected at source
Schedule Tax Paid: Advance & self-assessment taxes

Verification

Final verification and calculation of taxable income & tax liability

📝 Filing Timeline & Format

Due Date: Usually 31st July (e.g., for FY 2023–24, AY 2024–25) en.wikipedia.org+3taxguru.in+3cleartax.in+3
How to file:
- Online via e‑filing portal (XML upload + verification by EVC/Digital Signature) reddit.com+8en.wikipedia.org+8reddit.com+8
- Offline (for senior citizens or lower income individuals meeting criteria) reddit.com+13taxguru.in+13reddit.com+13

🧾 Filing Tips (Reddit Insights)

“Login to e‑filing…download pre‑filled XML…fill Schedule‑S from Form‑16…mutual fund & stock gains in Schedule‑CG…asset declaration in Schedule‑AL…deductions in Schedule‑VIA” incometax.gov.in+11reddit.com+11acko.com+11

Save draft often
Use broker statements or Form-26AS for accurate capital gains/TDS data
Exempted components like meal coupons/broadband reimbursements under Section 10(14)(i) reddit.com+6reddit.com+6reddit.com+6 reddit.com

📌 Summary

ITR‑2 is essential if your financial profile includes capital gains, foreign income, multiple properties, or substantial investments—even with no business income. The 2025–26 form introduces enhanced transparency around capital gains and asset reporting, raising compliance but also clarity.

If you’d like, I can help draft the actual textual content for the ITR‑2 overview, or fill particular sections. Let me know!

Relevant news on ITR‑2 updates