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How to get over "Amount can not be negative in 9Aiii"

venu byravarasu (5 Points)

27 October 2021  

Hi all,

While filing my ITR via clear tax, after adding all stocks related transaction details, I see following errors:

  • In Trading Account - (9Aiii) - mention both Narration and Amount. Amount can not be negative.
  • Mandatory to fill the balance sheet (i.e. the sections "1. Sources Of Funds" and "2. Applications of Funds") as Profit and Loss a/c is entered.

I suspect if these are because of not accounting for margin amount used from broker.

Can someone help me on how to get out of this error?

BR

Venu


 6 Replies

Janak Shah (ca) (554 Points)
Replied 27 October 2021

Seems you are filling ITR 3 and showing your profit from trading of stocks in P&L Ac. That is why the second error is generated, BS is mandatory in case of Business and Profession.

The first error is generated because you have shown negative expense in Trading Account.

venu byravarasu (5 Points)
Replied 27 October 2021

Sir,

I used cleartax portal to upload my broker statement for last FY. They automatically filled the data and not sure where to check if the form is ITR3 or 4 in their portal.

w.r.t. 1st error, though my capital is 2+ lakhs, I did trading of FnO segment for 60+ lakhs. As this was over a period of year and broker charges only margin, I'm not clear under which fields I can show the difference amount so that its not treated as my capital. Can you plz suggest a way to fix this issue?

BR

Venu

 

Janak Shah (ca) (554 Points)
Replied 27 October 2021

Difficult to fix the issue unless knowing which ITR the data is entered. Preferably contact Clear Tax support or get the ITR filled by a CA.
It seems ITR 3 is filled instead of ITR 2, do you have any other income except FNO and Stock?

venu byravarasu (5 Points)
Replied 28 October 2021

I've received bank interest on FDs which is less than 40k INR.

Except that there's no other income sir.

BR

Venu

Janak Shah (ca) (554 Points)
Replied 29 October 2021

Then please file ITR 2. No idea how clear tax files returns.

Pranesh K (2 Points)
Replied 26 November 2021

I'm also facing same issue. Did you get any resolution?


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