An end to the ignorance of taxpayers and tightening the noose on tax evaders as the Income Tax department announces the new format of Form 26AS. The income tax department has now made it mandatory to procure information related to capital gains / losses, dividend income as well as interest on Post Office deposits and deposits in Non Banking Financial Companies (NBFCs).
Earlier, the Income Tax department used to take information related to income from salary, interest on bank fixed deposit (Bank FD) and taxes paid from the respective sources.
Tax payers avoided revealing information of capital gain\loss for the following reasons:
This will ease the work of the ignorant taxpayers and will make tough for the tax evaders to skip these details.
In accordance with the said Notification, the category of persons required to report such transactions are as follows:
Capital gains on transfer of listed securities or units of Mutual Funds
Due to the data analytics used by the Income Tax department, any tax evasion advertently or inadvertently will be more closely scrutinised.
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