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Revised return

CA Shruti Gupta (CMA FINAL CS Final) (1434 Points)

07 August 2013

Dear friends/members

I have a little confussion regarding carry forword of lossess...please help me

My client filed return for the year 2013-13 before due date but he showed only salary / business income & not showed capital loss on sale of capital assets...

Now my query is whether he can file a revised return ( as original return filed bafore date) and on revised return he can claim loss and take the benefit of carry forford & set off.

please friends help me

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7 Replies

CA Suri Kota (Assistant Manager @ EY) (955 Points)
Replied 07 August 2013

Yes. You can file the revised return to claim the loss if the original return is filed befoe the due date.

There is no problem in claimin the loss in revised return. It is allowed as per IT Act.

Suri.

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 07 August 2013

Yup., you this is possible as well as tenable..

For further reference and support, you can refer

Ramesh R Shah vs. ACIT – ITAT Mumbai case law, which was similar to yours.

Swami Ayyappa Nuli (TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER) (1372 Points)
Replied 07 August 2013

Revised return filed in agreement with stipulations provided in IT act has the same effect as if filed with in due date prescribed under section 139(1),so can carry forward ur loss on sale of ur capital assets

CA Pallav Singhania (❤ Work Hard Party Harder ❤) (32322 Points)
Replied 08 August 2013

As per section 139(5), the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. Thus return of A.Y 2012-13 can be revised till 31st March 2014 or before the completion of the assessment whichever is earlier.

Remember:

1- Revise tax returns within one year from the end of the assessment year or before the assessment. For the financial year 2011-12 one can filed the revised return up to march 2014.

2-You can’t refile your return if income tax department already did the assessment of your return.

3-If you missed any deduction or income in the return you can refile it.

4-If some information come to your knowledge after filing the return you can refile it.

5-The receipt no. & the acknowledgement no. is must for the refiling of the return.

6-No need to pay interest u/s 234A if any tax due, but you have to pay 234B, 234C interest if due.

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