Checking tax evasion: From this financial year, tax department will have direct access to capital gains data.
Beginning this financial year, the income tax department will have direct access to details of capital gains made, dividends received and interest earned by investors, which is expected to plug under reporting or non-declaration of such income.
This notification came into force with immediate effect, which means the tax department will have access to information for the just concluded FY21, which can be matched with income tax returns filed by taxpayers. The tax department will also share this information with taxpayers.
Income tax department introduces JSON utility for AY 2021-22 ITRs, discontinues Excel/Java
The tax filing season for the assessment year 2021-22 has begun with the start of the new financial year from April 1. Taxpayers are required to file their income tax return (ITR) of the financial year 2020-21 by July 31, 2021.
Currenty IT department have made available forms ITR1 (For salaried employees) & ITR4 (For tax payers having income from profession/business under presumtive basis.)