Fresh claims of BFLA is being made in the rectification return is rejected
This query is : Resolved
18 August 2023
Dear Experts
For AY 2022-23 I had b/f LTC loss of 50000
In AY 2022-23, I had LTCG of Rs 14000 and Speculative loss of 2500
So erroneous, I Adjusted the same and took set off of LTCG of rs 11500, which was available for set off against b/f loss
Now ITDpt , disallowed Specualative loss adjustment of Rs 2500, so they took LTCG of 14000 , but allowed set off of Rs 11500 b/f Capital loss , since adding 2500 to my income
I filed rectification return , taking set off of rs 14000 ( as was available b/f LTC loss )
But Income tax dpt replied
Under Section 154 of Income Tax Act 1961, rectification application can be filed only tocorrect mistakes apparent from records. In this case, fresh claims of BFLA is being made inthe rectification application, which is not a mistake apparent from records. Hence yourrectification request cannot be entertained.
How to explain Department that set off could be taken to extent of available capital gain.In fact they should have allowed in 1431A , full set off as they were aware of B/f capital loss
Thanks & regards
Yashesh Gala
For AY 2022-23 I had b/f LTC loss of 50000
In AY 2022-23, I had LTCG of Rs 14000 and Speculative loss of 2500
So erroneous, I Adjusted the same and took set off of LTCG of rs 11500, which was available for set off against b/f loss
Now ITDpt , disallowed Specualative loss adjustment of Rs 2500, so they took LTCG of 14000 , but allowed set off of Rs 11500 b/f Capital loss , since adding 2500 to my income
I filed rectification return , taking set off of rs 14000 ( as was available b/f LTC loss )
But Income tax dpt replied
Under Section 154 of Income Tax Act 1961, rectification application can be filed only tocorrect mistakes apparent from records. In this case, fresh claims of BFLA is being made inthe rectification application, which is not a mistake apparent from records. Hence yourrectification request cannot be entertained.
How to explain Department that set off could be taken to extent of available capital gain.In fact they should have allowed in 1431A , full set off as they were aware of B/f capital loss
Thanks & regards
Yashesh Gala
18 August 2023
That is the drawback of computerization. The program is design that way. Either accept the solution as the LTCG is allowed to be set off for 8 tears, or write to your Jurisdictional ITO to allow you the available set off against the CY LTCG.
Message likes :
1 times
19 August 2023
Sir ,My taxable income attracts tax of 15000+ (I will get no rebate u/s 87) if I accept it .. Thank you so much sir
Message likes :
2 times
19 August 2023
That is bad luck, for additional income of just 2,500/- loosing rebate of Rs. 12,500/-
Try offline, direct approaching ITO.
Try offline, direct approaching ITO.
Message likes :
1 times
10 September 2024
Good Luck.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- Rental income of jointly held property
- Accounting with Claude
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
