Revision or rectification of return AY 2019-20

Due to discrepancies in Demat holding for AY 2019-20 the sale of shares shows a small LTCG. However, on correction of the discrepant holdings and recalculation of CG, shows a capital loss.
in order to carry forward the loss to the current AY 2020-21, can the previous return be revised now?
If not, is there any other solution?
Please clarify.
Replies (2)
Quick Summary
A user is seeking to revise their 2019-20 tax return due to a discrepancy in Demat holdings, which initially showed a long-term capital gain but now indicates a capital loss. They wish to carry forward this loss to the current tax year. The advice given is that revising the previous year's return is generally not possible unless the department issues a notice, in which case filing an ITR under section 119 might be an option, though it's considered risky and potentially costly. The recommendation is to avoid the complications and potential penalties associated with trying to revise the return and to consider forgetting the loss.

No, now PY return can't be revised. there is solution for revision if department sent you notice. than you can file you ITR u/s 119. But it's risky and costly both. so better to forget the loss.

खाली फोकट के लफड़े में पड़ने का मतलब नहीं है. रिटर्न रिवीजन के चक्कर में पेनाल्टी लग लग जाएगी.
Thank you Sir.

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