13 December 2016
Sir/madam
I have filed a return of income of 1.2 lacs in previous year u/s 139 (1)and now I have to revise it because I have not taken a deduction of 2.1lacs, and therefore loss of return of 0 .90 lac.is it valid?
13 December 2016
You filed return u/s 139(1), that means its not belated return. So you can revise it. Yes you can claim the deduction in a revised return.
04 January 2017
I have lost goods worth rs20,000 against which I got insurance compensation of rs 25,000.then difference i.e rs5,000 taxable as business income under which head?
CAclubindia
