Carried forward of derivative loss in itr

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 December 2013 An assesse has filed ITR-4 and accounted for F&O (Derivative) business loss in the ITR-4 for A/Y 2012-13. Thereafter the assesse has filed ITR-2 for A/Y 2013-14 and not accounted for F&O (Derivative) business loss in the ITR, as ITR-2 is for income not having Business Income.

Refunds for A/Y 2012-13 & 2013-14 have also been received on rest of the incomes, as filed. Now, whether ITR for A/y 2013-14 can be filed revised ITR-4 or rectification be done.

Pls. advice for taking action, if it can be.

Pls suggest the way how to carry forward and take advantage of set off in future

Thanks in advance

Nikhil Kaushik

Nikhil Kaushik (Expert)
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30 December 2013 you can revise the return using ITR 4. rectification wont help as you need to revise carry forward of business loss which cannot be done in ITR 2.

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