Hi experts needed some help

I had a query regarding an already filled itr,

I have filled my itr Form3 on August 1 12:5 AM 🥲 after due date , Due to which i cannot carry forward loses. If i file ITR U with tax audit under Form3cb before 30 september, Will i be eligible to carry forward losses.

I have also failed to  show my interest received from bank in my current itr.

Replies (2)
Quick Summary
This discussion addresses a query about carrying forward losses after filing an Income Tax Return (ITR) Form 3 late. The user also missed reporting bank interest. Experts clarify that filing an ITR-U with a voluntary tax audit is not a valid method to carry forward losses or extend the due date. To correct the missed bank interest, a Revised Return under Section 139(5) should be filed before December 31 of the Assessment Year, with any additional tax paid.

No, you cannot carry forward losses by filing an ITR-U with a voluntary tax audit. The law does not permit using an Updated Return (ITR-U) to declare or increase losses, nor can you artificially extend your due date by opting for an unnecessary audit. To correct the missed bank interest, you should file a Revised Return under Section 139(5) before December 31 of the Assessment Year and pay any additional tax owed.

Thankyou for responding, 

I do not wish to declare more loses just carry forward if it is possible. 

 

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