Return e filed on itr1 form

ITR 173 views 5 replies

Baldev Kohli

5 Points Joined July 2017

Filed the return in ITR 1 and later realised there were carry forward losses to be entered for which there is no provision in ITR 1. There is no other change. If I decide to do rectification,will I have to fill complete details again in ITR 2. I am in my eighties and find it cumbersome and had given details to some body to do the needful,but I dont want to involve some body else now. What happens if if do not reflect carry forwarward losses this year and do it in AY 2018-19. I have no long term capital gains this year but do have in next year.

Baldev Kohli

Replies (5)

Poltu Ghosh

Job

1865 Points Joined April 2017

File a revised return in ITR 2 immediately either by yourself or through any other person. You will lose the benefit of set-off of the loss with income in future years if you do not show it in current year return.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

209359 Points Joined July 2016

Agreed to the comments of Mr. Ghosh......

In addition, its very easy to hire some online services which are even economical, like

how-to-add-previous-years-losses-to-your-it-return/

Baldev Kohli

5 Points Joined July 2017

Thank you for your prompt reply. Please let me know whether the data filled in ITR 1 will be automatically transported to ITR 2 form. If I am not mistaken to change the ITR form itself it will be rectification and not Revision. In revision I have no doubt since you can make the requisite changes. Thanks once again.

Baldev Kohli

5 Points Joined July 2017

Thank you sir. Iwill do the needful.

Poltu Ghosh

Job

1865 Points Joined April 2017

Data of ITR 1 cannot be imported in ITR 2 due to divergent data structure. You can download the java utility and prefill it. You have to once again enter the income etc. data manually in ITR 2