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F&o business loss not carry forward for set-off

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Querist : Anonymous

Querist : Anonymous (Querist)

27 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

Aditya Maheshwari

Aditya Maheshwari (Expert)

27 December 2013 even if you file revise return or rectification you will not get carry forward of F & O loss or set off of the same. So no use of the same in view of section 44AD. However if you get ur accounts audited and then file revise return then you may have a chance.

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