Income tax compliance cib-502
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 March 2018
Hi,
My Cousin got a compliance from income tax department stating CIB-502: Contract of Rs. 10,00,000/- or more in the Commodities Exchange. But she has not done those transactions. Could you please let me know how to respond for this. When clicking on Submit option there is one Option as not aware of this transaction, Can I specify the same there? Here I have doubt, Is it possible to do transactions some one else showing our IDs as proofs? Can you please let me know what are the consequencies for this. As she is not aware of these transactions. He has not filed return as well as she is not comes under income tax slab(not working, house wife)
Thanks for your help.
My Cousin got a compliance from income tax department stating CIB-502: Contract of Rs. 10,00,000/- or more in the Commodities Exchange. But she has not done those transactions. Could you please let me know how to respond for this. When clicking on Submit option there is one Option as not aware of this transaction, Can I specify the same there? Here I have doubt, Is it possible to do transactions some one else showing our IDs as proofs? Can you please let me know what are the consequencies for this. As she is not aware of these transactions. He has not filed return as well as she is not comes under income tax slab(not working, house wife)
Thanks for your help.
05 April 2018
is she has not done any such transactions and you are sure that no one in the family has used her PAN for opening the trading account to trade on her behalf, then you can submit the said response.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst on travel by air for business purposes
- CLOSING STOCK QUERY
- F&O reporting in ITR
- Taxation on Old jewellery sold
- TDS refund Indemnity Bond
- Itr processing refund
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- TDS on rent received on hardship compensation being rent on redevelopment of building
- PF wage ceiling
- Missed TDS
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
