Seeking information∕ clarification on the data in the return filed from Income tax Dpt

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This query is : Resolved

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A client's income tax return for AY 2021-22 saw the tax department automatically adjust speculative loss against short-term capital gains (STCG). The client also had unclaimed brought-forward capital losses. The query seeks clarification on this adjustment, as the client believes STCG should have been offset against brought-forward losses instead. Advice suggests responding to the department's query by initially ticking 'No' to potentially open a reply section for detailed explanation.

yashes gala

yashes gala (Querist)
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20 June 2023 Dear Sir/Madam
My client filed return having Speculative Loss And Short term gain , which was adjusted in Return suo moto by Dpt portal for AY 2021-22, He also had un claimed B/F Capital loss , Now they seek clarification on the amount adjusted , as they consider that it could not be adjusted making STCG consider in income , There is no provision in portal to explain them , that if they seek speculative loss not adjusted against capital gain of CY ,then so called STCG should be adjusted agst b/f capital losses

How should i put matter to Dpt

Thanks n Advance
Yashesh

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 June 2023 In the initial stage itself, you should not have accepted the adjustment by portal, while filing return.
Reply to the query under the link provided to the query itself, with the detailed adjustment with c/f. ST loss

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yashes gala

yashes gala (Querist)
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20 June 2023 Sir but there is no space for reply ... only asking to tell yes or no ... no scope for us to give justification

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 June 2023 Tick NO, you may get option to reply.

Message likes : 1 times

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