With the deadline to file income tax returns (ITRs) for financial year 2021-22 and assessment year 2022-23 – July 31 – closing in, salaried individuals are in the process of submitting their returns. On Friday, the Income Tax (IT) department, too, took to Twitter to appeal to taxpayers to file their returns on time to avoid any last-minute hassle.
Also Read: How to file income tax return: Step-by-step guide, documents needed
“The earlier you file ITR, the more you can relax! ITR filing for AY 2022-23 is available on e-filing portal. Be an early filer& avoid the last minute rush. #FileNow. Pls visit income,tax.gov.in. #ITR,”
However, while filling your ITR forms, you should correctly mention certain details; you should also ensure you are not hiding these details. Or else, you risk being issued notice by the IT department.
Here’s the information you should furnish:
(1.) Properties sold or purchased: This is for properties sold or purchased between April 1, 2021, and March 31, 2022. In the ITR form, this information will be mentioned in the ‘Capital Gains’ column.
Also Read: Income Tax Return filing | Last date, details on new forms & complete checklist
(2.) House renovation: If you got your house renovated during the last financial year, you will have to give details in the ‘Capital Gains’ column in the form.
(3.) Real cost of property: Till now, taxpayers were required to write details only of the index cost. However, from now on, they would also have to give information on the real amount spent in purchasing a property.
(4.) Properties abroad, if any: If you own a house in a foreign country, that should be mentioned on the form. The department will ask you for information on income earned abroad.
(5.) Pensioners’ category: Those who have retired from central government services, need to select ‘CG’ on the form, while those are former employees of a state government should select ‘PSU’.
(6.) Interest on PF account: This would be needed if you received an interest of more than ₹2.5 lakh in your Provident Fund (PF) account.
Also Read: Filing income tax return? Key points to know before submitting ITRs
What to do if sent a notice?
Try to reply to it as soon as possible, and within the given deadline. If you think you gave all details correctly, you can argue your side. However, if the tax liability is reasonable, it would be better to pay the tax soon.