Monday, February 7, 2022

ITR Filing: Not Reporting High-Value Transactions May Get You An IT Notice

Taxpayers are required to report certain high-value transactions in their Income Tax Return (ITR), otherwise, they may be taxed.

Income tax department information

It is to be noted here that the IT department receives information on high-value transactions from various government agencies.

If you, as an individual, do not report the transaction to ITR, the IT department may send you a notice seeking clarification.

Here are the high-value transactions for your taxpayers to report on your ITR:

Rupee. Make a permanent deposit of more than Rs 10 lakh

If you have a fixed deposit of more than Rs 10 lakh, you will have to report it in the ITR. Central Board of Direct Taxes (CBDT).

Banks are asked to report whether the value of such personal deposits exceeds Rs 10 lakh

Savings Bank Account Cash above Rs 10 lakh

If a savings account holder has deposited Rs.10 LAKH

As per the tax notification, cash deposits and withdrawals in bank accounts in excess of the limit of Rs 10 lakh in a financial year must be disclosed to tax.

There is a limit of Rs 50 lakh in the current account of the officers.

Pay your credit card bills in cash

Credit card cash payments of Rs 1 lakh or more should also be reported. Apart from this Rs. 10 lakh or more

To settle credit card bills in a financial year, the payment has to be disclosed in the ITR.

buy or sell real estate

The Registrar of Property is required to make any investment or sale of immovable property worth Rs 30 lakh or more to the tax authorities.

So, if you are buying or selling a property worth more than Rs 30 lakh, you will have to report it to the Income Tax Department.

Cash transactions relating to shares, mutual funds, debentures, and bonds

If you have used cash to invest in mutual funds, stocks, bonds, or debentures, you need to ensure that the transaction value

High price Rs. The IT department has prepared the Annual Data Return (AIR) statement of financial transactions to ensure that it does not exceed 10 lakhs.

taxpayer transactions. The tax authorities shall collect the details of transactions of unusually high value on this basis in any financial year.

Foreign Exchange Sales / Expenditure in Foreign Currency

If you receive Rs 10 lakh or more in a financial year for selling foreign currency, you will have to report the same to ITR. Also, there is no credit for filing ITR: Income tax notices can be issued if these high-value transactions are not reported.

Here's How To Check ITR-V Receipts Status Online

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