Paid advance tax but later got net losses.

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This query is : Resolved

Quick Summary

If you paid advance tax based on early trading profits but later incurred net losses, you may be eligible for a refund. Even if you missed the initial deadline, filing your Income Tax Return (ITR) before March 31st could allow you to claim a full refund of the advance tax paid, along with interest.

Jai Yadav

Jai Yadav (Querist)
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27 March 2022 Respected experts

In AY 2021-22, I traded in index derivatives and made profits till September 2020 so paid advance tax of 20000 but then from October till March 2021, I incurred losses and the AY 2021-22 ended in net losses for me. My total income from all sources( mostly rent) for AY 2021-22 is around 1.8 Lakh and losses from F&O trading is 1 lakh.
So my queries are-
Was I eligible to get refund of the advance tax?
If yes then as I failed to file ITR within due date, will I get the refund if I file ITR before this 31st March?

Thanks in advance
Jai Rao