Whether transactions in respect of forward sale purchase with a stock broker (called as vyaaj badla) where only difference amount is payable to the client is required to be considered for Tax Audit Purpose.
To clarify say forard purchase of Rs.20000100 is adjusted against a forward sale of Rs.20000110 hence oly Rs.10 is payable to the clint after deducting his brokerage. In this case whhether the client is required to get his acoounts audited u/s 44 A/B Income Tax Act.
Please clarify with relevent case law/ circular etc. at the earliest.
Regards
Shankar Banerjee
CAclubindia
