The taxpayers were able to take the advantage so far, because the Income Tax Department used to get information related to just income from salary, interest on Bank FD and taxes paid There are many salaried persons, who invest in stocks or even do daily trading but never reveal the information related to capital gain / loss in their Income Tax Return (ITR). The motive of not revealing the capital gain/loss in their return of income may be due to sheer ignorance, avoiding trouble of calculating the gains / losses, fear of filing more complicated ITR form than the ITR-1 or to suppress the information to avoid paying higher tax. The taxpayers were able to take the advantage so far, because the Income Tax Department used to get information related to just income from salary, interest on bank fixed deposit (Bank FD) and taxes paid from the respective sources, which were revealed in Form 26AS. But now on, the Department will also get information related to capital gains / losses, dividend in...
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