23 June 2023
As per Schedule BP 2a.Net Profit or Loss from speculative business included in 1(enter –ve sign in case of loss) [Sl.no 12b of Trading account + Sl.no 65iv of Schedule P&L] No account cases is not applicable Hence the alternative is to enter the loss under trading account. If I enter the same , the amount is not being carried forward to the P & L creating an error message that 13+14 is not equal to 15 Please suggest remedy
07 July 2024
It seems like you're facing an issue related to filling out Schedule BP (Balance Sheet and Profit and Loss Account) of the Income Tax Return in India, particularly regarding the treatment of losses from speculative business. Here’s how you can approach resolving this issue:
1. **Correct Entry in Schedule BP**: Ensure that you are correctly entering the net profit or loss from speculative business in Schedule BP. As per your description, this involves: - Including the loss from speculative business under Sl.no 12b of the Trading account. - Including the loss from speculative business under Sl.no 65iv of Schedule P&L (Profit and Loss Account).
2. **Understanding the Error Message**: The error message "13+14 is not equal to 15" typically indicates that there is a discrepancy in the figures entered. In this context, it suggests that the figures entered under Sl.no 13 (Net Profit) and Sl.no 14 (Net Loss) might not be matching the sum required for Sl.no 15 (Net Profit as per P&L).
3. **Verification and Adjustment**: - Review the figures entered under Sl.no 13 and Sl.no 14 to ensure they are correct and consistent with your financial statements. - Verify if there are any other entries or adjustments needed in Schedule BP to accurately reflect the net profit or loss from speculative business.
4. **Consultation**: If the error persists despite correct entries, consider consulting with a tax professional or accountant who can review your entries and provide guidance tailored to your specific circumstances.
5. **ITR Filing Software**: Ensure that you are using the latest version of the ITR filing software provided by the Income Tax Department, as updates and bug fixes can sometimes resolve such issues.
By carefully reviewing your entries and ensuring they align with the requirements of Schedule BP, you should be able to resolve the error and successfully file your Income Tax Return. If the problem persists or if you need further clarification on specific entries, professional advice from a tax consultant would be beneficial.
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