Itr form 4- its usage in special situation.
This query is : Resolved
28 June 2019
As per instructions annexed to ITR 4 , It is recorded that the assessee ( as per applicable u/s 44ADA or 44AD) who has any claim of brought forward loss under any head of income , is not to use this form.
Here it arises an interesting situation that in case of an assess who has incurred Capital Loss as per a previous year prior to current previous year and in prior assessment year he reported capital loss . Now for current assessment year ,2019-20 he does not have any new capital loss/gain transaction to report and he feels it is not necessary for him to carry forward capital loss of previous assessment year, as he is not visualising any Capital asset transaction in future also..So he wants to use ITR-4 by voluntarily foregoing any benefit of claim of carry forward Capital Loss. Can he opt for ITR4 .Is there any restriction to use ITR4 even if he does not want to claim the carry forward Capital Loss. Pls help to clarify concept and requirements of law.
Here it arises an interesting situation that in case of an assess who has incurred Capital Loss as per a previous year prior to current previous year and in prior assessment year he reported capital loss . Now for current assessment year ,2019-20 he does not have any new capital loss/gain transaction to report and he feels it is not necessary for him to carry forward capital loss of previous assessment year, as he is not visualising any Capital asset transaction in future also..So he wants to use ITR-4 by voluntarily foregoing any benefit of claim of carry forward Capital Loss. Can he opt for ITR4 .Is there any restriction to use ITR4 even if he does not want to claim the carry forward Capital Loss. Pls help to clarify concept and requirements of law.
29 June 2019
No restriction he can use ITR 4 in this case.
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
- TDS 194-T applicability
- Applicability of GST on Salary Reimbursement Component
- Tds on commission charges
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Need Professional Opinion AY 2012-13 Old Demand
- Withdrawal in cash from partners capital account by partner
- FAST-DS Scheme - Foreign Assets
- TDS on TRUST
- Consolidated financials
- Regarding Applicability of Tax Audit u/s 44AB
- CHECK RELATED
- Dep. as per companies act
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
Quick Links
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
ARTICLESHIP
01 September 2026
Articles
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
CCI
Pro
CAclubindia
