Treat our transactions on a consolidated basis, not as standalone, stock brokers tell I-T

Stuck in a tax tangle, stockbrokers have now approached the Income Tax department, seeking clarity on the format in which their transactions should be reported, CNBC-TV18 learns from sources.

“For brokers, it is just practically impossible to provide clarification for hundreds of transactions; it is just normal in business to show income on consolidated basis,” sources said. They said brokers have requested the tax department for a consolidated format to be included in their report.

"There is no proper bifurcation and option to give proper replies on every transaction on the portal, as those also include off-market transactions for transferring shares to clearing member for margin purposes, and some of the portfolio management transactions, which is another challenge," a source said.