Adjustment u/s 143(1)(a) Incorrect Claim u/s 143(1)(a)(ii)

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This discussion addresses an incorrect claim under Section 143(1)(a)(ii) regarding the adjustment of carried forward losses. The issue arises when a company files its return after the due date and attempts to adjust current year losses. The advice given is to accept the proposed adjustment from the tax authorities in such cases.

R Mahesh

R Mahesh (Querist)

16 September 2020 Received communication of proposed adjustment u/s 143(1)(a):- Error Description: In Schedule Part BTI, assessee is carrying forward current year loss but the original return u/s 139(1) is filed after due date OR Brought forward losses not adjusted against the current years income.

Please suggest how to rectify the incorrect claim in revised ITR-6.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

16 September 2020 Is return is filed after due date.
If filed within due date adjust carried forward loss against current year income.

R Mahesh

R Mahesh (Querist)

21 September 2020 Thank you sir,

Return is filed after due date by the company having loss in that financial year.
Please suggest how to respond the notice and rectify the ITR-6.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

21 September 2020 Accept the adjustment in view of return filed after the due date

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