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Topic regarding financial losses ?
Eg: can we show loss in subsequent years if forget to show in current year and paid income tax for the current year. ?
Replies (3)
As per AS - 5, Errors and omissions of previous year are to be treated as Prior Period Items in the Current Financial Year.
Last year , I forget to show my share market loss in my ITR and hence I have paid tax . Can I show previous year omitted loss in my current ITR and save my tax?
Regards,
DAVINDER
Sorry Bro i had answered it in the context of Accounts, The Answer to your query is as follows
If you have filed your return on or before due date i.e. 31/07 or 30/09 as the case may be, then you could revise the ITR so filed and show the loss which was omitted earlier.
If you have filed your retrun belated i.e. after the due date then you could not revise the ITR .
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