Income tax- capital loss
This query is : Resolved
Sanjay Kumar
(Querist)
07 August 2011
i file income tax return with capital loss of 140000/- but my demat a/c correct them and this loss decrease at rs. 34000/- aprox.
loss carried forward
what will be do
loss carried forward
what will be do
07 August 2011
If the IT was filed on or before 31st July, u can now file a revised return u/s. 139(5)
Sanjay Kumar
(Querist)
07 August 2011
yes return file on 30 july, 2011
07 August 2011
you can now file a revised return mentioning the correct loss figure and quoting the acknowledgement number+date of filing of original return , and marking Type of return as Revised and section code as 139 (5) in the Revised return,
CA Ashwani Agarwal
(Expert)
07 August 2011
There is one precaution that should be taken.
I hope you know it but loss on shares is calculated only when it is sold. I mean to say that DEMAT A/c's normally show losses or profit on the basis of current market price. That should not be considered for the purpose of income tax.
I hope you know it but loss on shares is calculated only when it is sold. I mean to say that DEMAT A/c's normally show losses or profit on the basis of current market price. That should not be considered for the purpose of income tax.
Sanjay Kumar
(Querist)
07 August 2011
i not see rs. 120000/- loss on one gujrat share is going loss. i see this loss when i filing the return
i file the return and complaint to kotak mahindra bank than today bank correct this and my loss down 34000/- appx.
i file the return and complaint to kotak mahindra bank than today bank correct this and my loss down 34000/- appx.
07 August 2011
file revise return
09 August 2011
you can file the revised return as provided under sec 139(5), it says:
[(5) If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier
[(5) If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier
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