ROI to be revised
This query is : Resolved
13 August 2010
i've filed my return of income for ay 2010-11 bfore the due date prescribed u/s 139(1).
In the ROI furnished i have disclosed STCG which relates to trading(sale) of shares similar to shares i've already held in my portfolio for more than 12 months.
To conclude i had 50 shares of a particulars stock purchased at Rs 100 each (held for more than 12 mths), further in the CY i have bought further 25 shares of the similar stock at Rs 50 each and sold at Rs 55 each such 25 shares.
So for the computation of LTCG is it mandatory to apply FIFO method as in which case i'll be having a LTCL whereas i have disclosed STCG applying LIFO.
Another issue is, can i revise my return in case FIFO method is mandatory.
I'll be thankful to you for any Clarify in this regard.
In the ROI furnished i have disclosed STCG which relates to trading(sale) of shares similar to shares i've already held in my portfolio for more than 12 months.
To conclude i had 50 shares of a particulars stock purchased at Rs 100 each (held for more than 12 mths), further in the CY i have bought further 25 shares of the similar stock at Rs 50 each and sold at Rs 55 each such 25 shares.
So for the computation of LTCG is it mandatory to apply FIFO method as in which case i'll be having a LTCL whereas i have disclosed STCG applying LIFO.
Another issue is, can i revise my return in case FIFO method is mandatory.
I'll be thankful to you for any Clarify in this regard.
13 August 2010
YES FIFO METHOD WILL BE APPLICABLE AND OFF COURSE YOU CAN FILE YOUR REVISED RETURN U/S 139(5) AS YOU FILED THE RETURN U/S 139(1).
14 August 2010
Thank You!
just need to confirm further..
with the very fact that original return was not under 139(3) though filed under
tme limit specified u/s 139(1), can i revise it u/s 139(5) containing a loss.
just need to confirm further..
with the very fact that original return was not under 139(3) though filed under
tme limit specified u/s 139(1), can i revise it u/s 139(5) containing a loss.
14 August 2010
Yes you can revise your return.
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