I-T department seeks report transactions every month

In view of huge discrepancies found in transactions at stock exchanges, the Income Tax Department has asked NSE, BSE and other bourses to submit monthly statement of all transactions from April.

According to sources, the I-T department has analysed data and found huge mismatch in the information provided by certain brokers to the stock exchanges.

"We have analysed the data. We found that in the short-term of three months during January-March 2009, more than five lakh transactions (where mismatches were found) in futures and options segment were of the order of Rs 25,000 crore," an official with Finance Ministry told PTI.

The bourses, which include National Stock Exchange and Bombay Stock Exchange, have to submit monthly statement to the Director General of Income Tax (Intelligence) within 15 days from the last day of each month.