ITR 2021-22: These high-value transactions must be declared in your return

Income Tax

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• Jul 15, 2022
  The last date for filing the income tax return (ITR 2021-22) for 2021-22 is July 31, 2022. It is often considered a cumbersome task. However, it is mandatory to file the ITR to avoid the penalty. Even if you do not fall under any tax slab, make sure to file the return. However, certain high-value transactions are required to be declared in the ITR. These transactions attract special attention from the income tax (I-T) department. Here is a look at such transactions:
  

• Any cash deposit or withdrawal over Rs 10 lakh in any savings account must be disclosed to the I-T department. It must also be specified that such a transaction was done in aggregate or at once. The I-T department has set this limit at Rs 50 lakh for the current account.
  The I-T department keeps a strict eye on credit card bills. Their declaration is necessary in the return for monthly bills of Rs 1 lakh or more. If the total credit card bill goes above Rs 10 lakh for a year, it needs to be declared in the form.

  
  
  

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