Paid advance tax but later got net losses.
This query is : Resolved
Quick Summary
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
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
CA R SEETHARAMAN
(Expert)
27 March 2022
Yes, file ITR before 31st March you are eligible for refund of advance tax paid fully with interest.
Message likes :
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CA R SEETHARAMAN
(Expert)
27 March 2022
Yes, file ITR before 31st March you are eligible for refund of advance tax paid fully with interest.
Message likes :
1 times
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