Does IT dept need details of stock transactions and demat accounts on ITR submission now?

[anshabhi]

I am reading this article:

Income Tax Form 26AS: Hotel bills of over Rs 20,000 will now reflect in your...

Is it true that we will be required to report stock market transactions? Why would IT dept do this when all of our contract notes already have our PAN no on them?

[AJ007]

Not true.

[venugopal]

We will not be required to provide. But the stock exchanges will be made liable to report the large transactions/ any other to the income tax department. This would inturn help them to find the individuals evading tax.

[Quicko]

@anshabhi

Is it true that we will be required to report stock market transactions? Why would IT dept do this when all of our contract notes already have our PAN no on them?

Hey,
Various entities need to report specified transactions in SFT Reports to the Income Tax Department. Such transactions are reflected in Form 26AS of the taxpayer. Using this data, the Income Tax Department identifies data mismatch with the ITR and issues notices to the taxpayers.
You can read more about it here - Form 26AS : Tax Credit / Annual Information Statement