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.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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.