The accident occurred when the driver of the bus, on way to Jammu from Delhi, lost control over the vehicle and it rammed into the army truck parked on the roadside, they said.
The deceased were identified as bus conductor Balwinder Kumar, and Vishvanath, a resident of Delhi.
The 40 injured were rushed to various hospitals in Bhanga, Hoshiarpur, Dasuya and Chandigarh.