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Income Tax Revised Return

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P Pathak

Taxpayer

22 Points Posted on 08 March 2020

I have filed IT Return for my wife for AY 2019-20 after the due date. The ITR includes loss in share trading (business loss) and gets carried forward in the absence of set-off during the FY. The IT CPC, Bengaluru has sent me a Communication of proposed adjustment u/s 143(1)(a) of Income Tax Act, 1961 in which they are disallowing the loss to be carried forward since the return was filed after the due date. They have advised me to file a revised return, or alternatively if I do not respond in 30 days, the return of income will be processed after making necessary adjustment(s) u/s 143(1)(a), without providing any further opportunities in this matter. I wish to file a revised return BUT how do I show the loss in such a way that it does not get carried forward. The IT utility does not have the provision. Other method is not to show any losses in the ITR so that nothing gets carried forward to next year. Kindly advise how to tackle this situation. Many thanks in advance.

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Quick Summary

This discussion addresses a common issue where a belated income tax return for AY 2019-20, including business losses from share trading, has been flagged by the IT CPC for proposed adjustment. The CPC is disallowing the carry-forward of losses because the return was filed late. The user is seeking advice on how to file a revised return to correctly manage these losses, as the IT utility doesn't seem to support showing losses that shouldn't be carried forward, or alternatively, how to avoid showing losses altogether to prevent carry-forward.