Problem Regarding ITr-4, Speculative Income, Business Income

Hello...

I am a karta of HUF file name AJAY KUMAR DHANUKA AND SONS

we had a business profit in the year 2014-15(AY 2015-16) and a speculation loss from commodity market
details of which are as below....

Business...
Gross receipts :  618750/-
Gross Profit : 192100/-
Expenses : 21200/-
Net Profit : 107900/-

Income from Other sources : 48684/- (interest income)

Speculation Loss : 484414/-

So, i filled ITR 4 return for the above particulars... in the P/L section
I combined my business expenses and speculation loss and posted in the expenses column...
and the net profit obtained was nagative as shown below...

Gross receipts :  618750/-
Gross Profit : 192100/-
Expenses : 21200 + 484414 = 505614/-
Net Profit : (- 313514)/-

and in the BP part i entered the same speculation loss amount before the head

2a. Net profit or loss from speculative business included in 1 (Enter -ve sign in case of loss)

and in this my loss was carried forward.... but i received a notice u/s 139(9) of the return being deffective...

please suggest me how to rectify this and upload a fresh return..

email id : smartnik7 @ gmail.com

Originally posted by : NikHil AggRrwal
	Hello... I am a karta of HUF file name AJAY KUMAR DHANUKA AND SONS we had a business profit in the year 2014-15(AY 2015-16) and a speculation loss from commodity market details of which are as below.... Business... Gross receipts :  618750/- Gross Profit : 192100/- Expenses : 21200/- Net Profit : 107900/- Income from Other sources : 48684/- (interest income) Speculation Loss : 484414/- So, i filled ITR 4 return for the above particulars... in the P/L section I combined my business expenses and speculation loss and posted in the expenses column... and the net profit obtained was nagative as shown below... Gross receipts :  618750/- Gross Profit : 192100/- Expenses : 21200 + 484414 = 505614/- Net Profit : (- 313514)/- and in the BP part i entered the same speculation loss amount before the head 2a. Net profit or loss from speculative business included in 1 (Enter -ve sign in case of loss) and in this my loss was carried forward.... but i received a notice u/s 139(9) of the return being deffective... please suggest me how to rectify this and upload a fresh return.. email id : smartnik7 @ gmail.com

1) speculation loss is not adjustable from business profit unless the pricipal business is related to speculation.

2) if the assesee wish to file return in which the assesee wants offer less then 8% taxable profit ( or loss) then the assesee has to get the accounts audited and submit the audit report 

keeping the above two points in view you can rectify or revise your return