Regarding carry forward losses
This query is : Resolved
PUJA DUBEY
(Querist)
19 January 2023
In one of our cases there was carry forward losses of Rs. 7766600 till assessment year 2016-2017.
The bifurcation is as follows:-
Assessment Year Losses
15-16 2823050
16-17 4943550
Total 7766000
The same losses has reflected in my above Return of Income tax till assessment year 2016-17. While submitting the ITR for A.Y 2017-18 by mistake the above carry forward losses were not considered, the loss of A.Y 2017-18 was only considered and carried forward.
This has continued till assessment Year 2022-23 the carry forward losses of Rs. 7766000 is duly reflected in the ITR and disclosed to income tax till A.Y 2016-17. Sir, how can I deal with the above issue that arose due to clerical error, so that the above assessee would be entitled and take the set off of above losses Rs. 7766000.
I would like to mention that this was audit case cover under section 44 AB and even every year the audit report and ITR is submitted in due dates.
The bifurcation is as follows:-
Assessment Year Losses
15-16 2823050
16-17 4943550
Total 7766000
The same losses has reflected in my above Return of Income tax till assessment year 2016-17. While submitting the ITR for A.Y 2017-18 by mistake the above carry forward losses were not considered, the loss of A.Y 2017-18 was only considered and carried forward.
This has continued till assessment Year 2022-23 the carry forward losses of Rs. 7766000 is duly reflected in the ITR and disclosed to income tax till A.Y 2016-17. Sir, how can I deal with the above issue that arose due to clerical error, so that the above assessee would be entitled and take the set off of above losses Rs. 7766000.
I would like to mention that this was audit case cover under section 44 AB and even every year the audit report and ITR is submitted in due dates.
CA R SEETHARAMAN
(Expert)
20 January 2023
No remedy for such clerical errors.
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
CAclubindia
