ITR 2 AY 2022-23

Candidate has loss in stock market around Rs.600000/- and he doesn't have any other income. I am trying to fill the utility and generate json. However, for loss return do we have to pay penalty ? If yes, how much is the penalty is that Rs.1000/-

As of now I didn't pay the penalty but when I m trying to upload json an validation error showing # if net amount payable is zero then you are not allowed to file itr u#

please let me know how to fix this error.
Replies (8)
Quick Summary
This discussion addresses filing an Income Tax Return (ITR) for the AY 2022-23 when the candidate has substantial stock market losses and no other income. It explores potential penalties for loss returns and how to resolve a validation error preventing filing when the net amount payable is zero. The conversation also touches upon filing an updated return (ITR-U) and the implications for carrying forward losses.

If You want to file an updated return if anything missed in your previous return,i.e. f.y.2122 . Loss return might be you can't update. Wait for an expert's opinion .

 

For fy 21-22 person didn't file the return
Have you received notice from dept under section 147 and 148 ?

Are you filing updated return?

If you are filing updated return then Loss return can't be filed . ITR U can't filed without payment of tax under 139(8A)
No notice received....
Declare notional Income either in salary or other sources around 3Lacs and Pay 1000/- late fees and file ITR U
You can file thru itr u

This loss can’t be carried forward as the due date has passed.

Even if the loss can't be carried forwarded , it has to be disclosed in ITR

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