AY 20-21, earlier years b/f losses are not considered

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A taxpayer is facing issues with the IT department regarding AY 20-21 capital gains tax. Despite having brought forward long-term capital losses to offset the gains, the department has repeatedly issued a demand for 20% tax on the capital gains. The taxpayer has filed rectification requests, but the issue remains unresolved, leading to concerns about an endless loop. They are seeking advice on alternative solutions and how to get the department to acknowledge the carried-forward losses.

Pranav

Pranav (Querist)
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18 March 2022 For AY 20-21, I have earlier years b/f long term capital losses. The long term capital gains for AY 20-21 have to be offset against b/f losses but the IT department has not considered these b/f losses and raised a demand for 20% on the capital gains. I disagreed with the demand, mentioned the reason and submitted the rectification request for reprocessing the returns.

They have reprocessed the returns and raised the same demand without considering the b/f losses again. The officer is not even reading the reason which I submitted while disagreeing with the demand.

Should I again disagree with the demand and submit the rectification request. I am worried this will go in a loop. What is the other alternative?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 March 2022 Did you offset the looses in ITR filed by you.
If not file rectification request for filing adjusted ITR.

Pranav

Pranav (Querist)
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19 March 2022 Yes sir, I offset the losses in ITR that I filed for AY 20-21, still IT department had not considered it.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 March 2022 Contact CPC Bangalore.

Rectification, Refund, Intimation and other Income Tax Processing Related Queries Centralized Processing Center
Phone number it's not allowing search Google.

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