CIB-502 income tax compliance

[nagnath palkhe]

How deal with this compliace 2013-14 from ITD when there is no actual transactions was nil by me, this compliance says transactions in commodity exchange of more than 10,00,000/-.kindly guide for solution on this

AI Summary

Reporting requirement for commodity exchange transactions flagged despite taxpayer stating no actual transactions for the year. A taxpayer received a CIB-502 compliance communication alleging commodity exchange transactions above the reporting threshold despite asserting no actual transactions; the operative requirement is to address the reporting obligation by reconciling records, explaining the nil-transaction position, and submitting supporting documents or a formal statement to the tax authority to resolve the discrepancy.