 "ITR 2021-22: List of transactions needed to furnish your tax return")
The last date for filing income tax return (ITR 2021-22) is July 31. Missing the deadline may lead to the Income Tax Department (I-T Department) penalising, or filing even criminal charges, against a taxpayer. There are several transactions that one needs to mention mandatorily in the ITR 2021-22 to avoid a notice from the I-T department.
This year, taxpayers can choose to file the ITR under the new or the old regime. Tax exemption limit under a new regime has been set at Rs 2.5 lakh per annum. In the old tax regime, the limit was Rs 2.5 lakh for those below the age of 60. For senior citizens, aged between 60 and 80, the limit was set at Rs 3 lakh. For super senior citizens (above 80 years), the limit was set at Rs 5 lakh.
Transactions necessary to mention in the ITR 2021-22
- House renovation: If you have renovated your house in the last financial year (2020-21), the details about it must be mentioned in the 'capital gains' column in the ITR.
- Sale/ purchase of property: If you have sold property between April 1, 2021, and March 31, 2022, its details must also be mentioned in the 'Capital gains' column.
- Property in a foreign country: If you own a house in any foreign land, its details are also necessary to be mentioned in the ITR. Additionally, the I-T department may also ask you for details about your income abroad.
- Provident fund (PF account): If you earn an interest higher than Rs 2.5 lakh per annum on the PF account, it needs to be mentioned in the ITR.
- Actual cost of property: Until now, the index cost of the property purchased/ sold was required to be furnished in the ITR. In FY22, the taxpayers need to mention the real cost of the property.
What if you get a notice from the I-T department?
If the department still sends you the notice, make sure the details you mentioned in the form are correct. Once the details are verified, you can argue your side.
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