The income tax (IT) department has sent notices to about 100 brokers asking them to send it details of all transactions worth over Rs 20,000 that took place up to February 2002. They have been given three days to submit the details. More such notices are on the way so as to cover a large section of the broking community, sources said.
While the department has directed stock brokers to submit the details of the current financial year till February within three days of the notice date (which varies), it said that brokers would have to send it such details every month on a floppy from March onwards.
Three years ago, the IT department had issued similar notices and directed brokers to send it details of transactions worth Rs 10 lakh. The year after that, the threshold amount was reduced to Rs 5 lakh. This was reduced further to Rs 2 lakh last year. Now it has been drastically reduced to Rs 20,000, bringing relatively small transactions under the IT microscope.
Mohan Vigyan, president of BSE Brokers Forum said,
