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

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venu byravarasu

25 Points Posted on 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?

Venu

Replies (9)

Quick Summary

This discussion addresses a common Income Tax Return (ITR) error, "Amount cannot be negative in 9Aiii", often encountered when filing stock trading transactions via platforms like ClearTax. The error typically arises when profit/loss from trading is shown in the Profit and Loss account, necessitating a mandatory balance sheet entry for business income. Users are advised to ensure they are filing the correct ITR form (likely ITR 2 for non-business income, or ITR 3 for business income) and to correctly account for margin amounts and broker charges to avoid negative entries in the trading account. Seeking support from the filing platform or a Chartered Accountant is recommended for resolution.

Janak Shah

357 Points Posted on 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

25 Points Posted on 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?

Venu

Janak Shah

357 Points Posted on 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?