Specilative loss claimed and defective return
This query is : Open
18 February 2016
For AY 2015-16 a return was filed ITR 4 where Salary income and speculation loss was claimed. The speculation loss comprises of intra day share loss of Rs. 6000. The same is shown in ITR as speculation loss to be carried forward.
Return was filed in time.
Now, Department issued a notice of defective return stating that since loss is claimed in profit and loss from busienss profession, audit report to be submitted or profit more that 8% to be declared.
What should be done in this case as in my opinion its not a business but intra day loss but as per provisions to be claimed as speculation loss.
Return was filed in time.
Now, Department issued a notice of defective return stating that since loss is claimed in profit and loss from busienss profession, audit report to be submitted or profit more that 8% to be declared.
What should be done in this case as in my opinion its not a business but intra day loss but as per provisions to be claimed as speculation loss.
18 February 2016
Yes. you are correct, loss from Intraday loss speculation loss only. there will be some other technical issues in ITR please check , the speculation loss shown in proper place in ITR and carry forward
18 February 2016
Please sugget the place in ITR 4.
18 February 2016
My view problem with your ITR itself. because ITR-4S can be used those who filling income tax return under presumptive business,there you cannot show the speculative losses. file the return correct return by using ITR-4
18 February 2016
Sir, I mentioned ITR 4 itself in query.
Please suggest which place in ITR 4 ?
Please suggest which place in ITR 4 ?
18 February 2016
You can mention in the "BP" ( Schedule BP) sheet Row number 2a
18 February 2016
Yes it was done same in ITR 4 and then they asked to file audit report or declare more tha 8%, and have put it under defective return.
18 February 2016
Such as case you can approach your assessing officer with written reply for the notice stating all the facts
19 February 2016
Did you enter your turnover and loss in Part A P & L under no account case sl No. 53.
28 February 2016
Yes Sir it was mentioned at 53b gross profit as -6031..?
Is it right or not?
28 February 2016
Yes it was entered at 53b gross profit amounting -6031.?
Is it correct or not?
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
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- ITR returnFY25-26
- Treatment of Pension ?annuity returns on PMVY
- Scrutiny assessments u/s 143(2) for AY 25-26
- Itr 1 processing
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
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
