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.
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