Hi,
I had incurred a loss in F&O trading last year and had filed for the same in my AY 2020-2021 ITR under the no accounts case.
However, in the 143(1) that I received, the loss got accepted in the "Gross Profit" section but it shows 0 in "Net Profit". So, essentially, my entire loss isn't accepted.
What could be the reason for this? And how can I change this?
Any help would be much appreciated.
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.
Karia Overseas
Ahmedabad
CA
View Details
SMJ global advisors pvt ltd
New Delhi
B.Com
View Details
CAclubindia
