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Filed f&o losses in itr2 as capital loss for 2 years.

Tax queries 270 views 2 replies

 I am a retired PSU man and My total income through Interest is about 5 lacs, For last two years I am filling ITR2 And showing F& O losses as capital loss. How ever i amm not liable to any tax because i have taken Insurance and ELLS to save from income tax. Now i want to correct this mistake , what should i do?. Please give me suitable advise so that i can act accordingly this year.

Thanking you

Anil

Replies (2)

Dear sir,

please find below my opinion, 

u can filed the revised return u/s 139(5)

but there is certain limitation

Revised return can be filed by Assessee any time before the expiry of 1 year from the end of relevent assessment year or befor the completion of assessment (which ever is earlier)

Revised return u/s 139(5) is allowed  only if the mistakes are unintentional . This section only apply to the case of ommission or wrong statements.

 

As i have incurred only losses ,so i have to get the account audited , before filing the revised returns. is it possible to get it done through you. assesment year 14- 15, 15-16.

Thanking you for kind reply

Anil


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