Loss left to consider in total income
This query is : Resolved
08 August 2013
I have filed an individual return for the A.y. 2011-12 on 28.03.2011 (belated return) showing a total income at Rs. 90000/-. In this return I have missed to consider loss from F&o at Rs. 166200/- and share trading loss at Rs. 32410/-. Now I have recd. a notice u/s. 142.
My quries are
1. whether I can file the revised return ?
2. what an A.O. can do with this loss?
3. Any penalty can be levied?
My quries are
1. whether I can file the revised return ?
2. what an A.O. can do with this loss?
3. Any penalty can be levied?
08 August 2013
As per Section 80 to claim losses under PGBP & Capital gain its necessary file ROI on or before the due date otherwise no no carry forward is allowed.
In your case since you have failed file ROI of Income on or before due date therefore the mentioned loss will be treated as Capital Loss no Tax treatment will allowed
In your case since you have failed file ROI of Income on or before due date therefore the mentioned loss will be treated as Capital Loss no Tax treatment will allowed
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- SGST balance is there in credit ledger how to adjust for cgst
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
