Itr4 issue

ITR 684 views 4 replies

Rishi Jain

project manager

47 Points Joined March 2013

Issue: After filling loss data into ITR4 application it is still showing taxable income amount 9001/-

In the fiscal year 2012-13 I had a loss of 267600/- and and had lost my complete margin money and my demat account had final debit of 267600/- into commodities trading. I do not have any other income that year.

I filed my ITR with ITR4 excel (2012_ITR4_PR11.xlsx) downloaded from ITD official website as per instructions.

I filled my basic details in "PART A - GENERAL" sheet. Than I filled only my loss amount of -267387 in 2i section of "BP" sheet.

Than I checked "PARTB - TI - TTI" sheet in which its showing tax payable amount is 9001/-.

I rcvd a mail this week and asked to pay 9500/- tax withing 30 days.

ITR4-Sheet BP

PARTB - TI - TTI

What possible mistake I am doing and how can I claim my loss of 267600/- to be carry forwarded to next year. OR

Do I need to pay tax on loosing money which I have actually borrowed from my mother?

I want to generate correct xml data and want to resubmit my ITR. All I need help with the calculation part.

Thanks for reading my post and your valued help!

Replies (4)

CA Gaurav Kaushik

Practicing Chartered Accountant

123 Points Joined August 2012

can you mail me this template on my mail id cagaurav.kaushik @ icai.org

Rishi Jain

project manager

47 Points Joined March 2013

Hi All,

I am still waiting for some response.. I just want to know where to enter the loss of working capital so that the loss can be carry forwarded in ITR(4) 139(5).

I have traded into commodities and lost all money including margin money. I just want this loss to be carry forwarded to next year as I could not find on which page I have to make entry into .xls downloaded from Income Tax India official site.

Thanks Again!

Hanish Chaudhary

Chartered Accountant

333 Points Joined September 2008

@ Rishi Jain

Kindly follow the below mentioned steps, i guess it will solve the problem

1. After filling the general page details, go to the page marked as "Part PL" and enter the details in the coloum of no account / account as the case applicable. Make sure that the row "Profit before taxes (No. 43" in case of account maintained should be -267387 or the row of no account case (No. 51) should be -267387.

2. After you fill these details, go the page marked as "BP". Mention the amount of -267387 in section 2i as done by you earlier.

3. After you have done this, row no. 6 and row no. 10 on the same page should be reflecting 0. This would be opposite of what your template above is showing. The row no. 41 "Profit or loss from speculative business" should be reflecting the loss amount with a negative sign.

4. Then proceed to the page marked as "Part B - TI- TTI" and check that page. The row 15 of Part B TI should be reflecting the loss amount and the rest all would be zero.

5. If everything else is ok, you can efile that return.

Rishi Jain

project manager

47 Points Joined March 2013

Originally posted by : Hanish Chaudhary
	@ Rishi Jain Kindly follow the below mentioned steps, i guess it will solve the problem 1. After filling the general page details, go to the page marked as "Part PL" and enter the details in the coloum of no account / account as the case applicable. Make sure that the row "Profit before taxes (No. 43" in case of account maintained should be -267387 or the row of no account case (No. 51) should be -267387. 2. After you fill these details, go the page marked as "BP". Mention the amount of -267387 in section 2i as done by you earlier. 3. After you have done this, row no. 6 and row no. 10 on the same page should be reflecting 0. This would be opposite of what your template above is showing. The row no. 41 "Profit or loss from speculative business" should be reflecting the loss amount with a negative sign. 4. Then proceed to the page marked as "Part B - TI- TTI" and check that page. The row 15 of Part B TI should be reflecting the loss amount and the rest all would be zero. 5. If everything else is ok, you can efile that return.