TaxTMI 
TaxTMI 
CIB-502 income tax compliance
03 Mar 2016 
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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. (AI Summary)
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. (AI Summary)
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