F&O Loss Not Accepted in 143(1)

FOR SET OFF  & OR CARRY FORWARD OF LOSSES, YOU NEED TO FILE COMPLETE DETAILS WITH BOOKS OF ACCOUNT MAINTAINED.

SYSTEM WOULD NOT ACCEPT LOSS TO SET OFF 'UNDER NO ACCOUNT CASE'.

Okay, so if I file it now under the complete book of accounts case, would I be liable for an audit too as it's a loss? 

1. REVISED RETURN FOR AY 2020-21 CANNOT BE FILED NOW, ITS TIME BARRED.

2. TAX AUDIT IS NOT APPLICABLE BECAUSE OF LOSS INCURRED, BUT IT GETS  APPLICABLE BASED ON TURNOVER, IF EXCEEDED Rs. 1 CR.

Oh, okay. My turnover is way less than 1 CR so tax audit isn't needed. But if I can't file a revised return, what would be my best course of action now? Pay the additional tax?

FILE RECTIFICATION U/S. 154 OF IT ACT WITH THE CHANGES, CHECK IF THAT IS ACCEPTED. OTHERWISE NO ALTERNATIVE.

Okay, thank you so much. I'll try the same.