non filling income tax return and aletter rec CIB-502 CODE

[Guest]

Dear sir

I have received a letter from income tax department for non filling return for FY 2012-13 under CIB-502 code of contract of ₹ 10 lac in commodities exchange now please tell me what should i do???

And how can i reply this letter??

[Mahir S]

Sir,

If you have received notice from the income tax department, you need to furnish information requested by the department.

You should also file returns and pay income tax accordingly in case of excess income.

[Guest]

Dear sir,

I have also recevied same Letter from Income tax department

Kindly tell me what should i do ????????????

Please reply asap

Regards

Chirag

AI Summary

Non-filing of income tax return: respond to the notice, furnish requested information and file returns to regularise tax position. A departmental communication under CIB-502 alleges non-filing of an income tax return tied to a commodities contract; the immediate obligation is to furnish the information requested, determine whether taxable income arose, and, if so, file the outstanding return and pay any tax, interest or penalties to regularise the taxpayer's position.