Doubt regarding 143(1)assesment notice regarding capital los

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2014 I received my 143(1) assessment notice for last tax return i filled.The department accepted my return figure by figure except at 2 points where i have doubt.Also 1 another doubt i have.

Here is the screenshot of the notice(I have blacken the figures as doubt is not related to figures at most place except one).

http://i.imgur.com/BgY8pCb.jpg

DOubt::

1::Now since my return has been assessed .Do my return still stands chance of scrutiny .I am asking this question in general.Means if ones return has been assessed does his return still stands for scrutiny unless he is involved in anti social type activity and all?

2::I had some loss in my shares transaction around 3000 rupee.But department doesn't thing it allowed to carry forward the loss.Is that true what i m thinking according to the notice?Right?

Thanks in advance.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 March 2014 did you file return before due date or after? check that first.

it is for department to pick which return to decide which return to scrutnize...143(1) is not an assessment...it is open for department to issue 143(2) notice.

Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2014 I filed on due date 5th august.Now question remains does the loss is carry forward or the department has rejected the same?

Querist : Anonymous

Querist : Anonymous (Querist)

31 March 2014 Waiting for reply to 2nd part?

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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21 July 2024 If you have received a notice under section 143(1) of the Income Tax Act, it means the Income Tax Department has processed your return and has provided an initial assessment. Here are some insights based on your queries:

1. **Carry Forward of Loss from Shares Transaction:**
- If you incurred a loss in shares transactions, you are generally allowed to carry forward such losses to set off against future capital gains. This carry forward is subject to certain conditions and limits specified under the Income Tax Act.
- The notice under section 143(1) should typically reflect whether the loss has been allowed to be carried forward or not. If it has not been allowed, the notice should specify the reasons for disallowance.
- You should carefully review the notice to understand why the department has not allowed the carry forward of the loss. It could be due to incorrect reporting, failure to meet conditions for carry forward, or other issues.

2. **Reviewing the Assessment Notice:**
- Look for specific sections or remarks in the notice that mention the treatment of your shares transaction loss. This will help clarify why the department has taken the stance it has.
- If you believe the disallowance is incorrect, you have the option to respond to the notice. Typically, you would need to file a rectification request or respond with the necessary documents or explanations to support your claim for carry forward of the loss.

3. **Consulting a Tax Professional:**
- If you are unsure about the implications or disagree with the assessment, it's advisable to consult a tax professional or chartered accountant. They can review the notice, understand the specifics of your case, and provide guidance on the appropriate course of action.
- They can also assist in preparing any responses or rectification requests to ensure that your tax matters are handled correctly.

In summary, carefully review the notice under section 143(1) to understand why the department has disallowed the carry forward of your shares transaction loss. Seek professional advice if needed to address any discrepancies and ensure compliance with tax laws.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 July 2024 please do not waste time on replying to 10 year old queries. Respond to the current issues. its not a competition to harvest some points!!

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