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

Such transactions attract special attention from the income tax (I-T) department and are mandatory to be furnished. If not, they may lead to fines, penalties or even jail term

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:

Cash withdrawal/ deposit

Any cash deposit or withdrawal over Rs 10 lakh in any savings account must be