Filing of Return under wrong head

This query is : Resolved

Parikh Navin Keshavlal (Querist)
Follow

26 May 2010 Sir,

In past, the return of income was filed and in the return, speculation loss was wrongly put under the head "Capital Gain" showing as short term loss.

Assessment order is also received u/s 143(1)

In the current year, there is speculation profit.

Now, can I adjust the profit against previous loss wrongly put under capital gain ?

If not, what should I do ?

Your guidence will be highly appreciated.

Navin Parikh

M Prabhakar Menon

M Prabhakar Menon (Expert)
Follow

26 May 2010 This is a mistake apparent from the record and accordingly u can make an application u/s154 for rectification and for setting the record straight.There is a time limit for such application which is 4 years from the date of the order sought to be rectified.An order u/s 154 has to be passed before the end of 6 months from the end of the month in which the application is made.In the meanwhile you can adjust the profit based on the correct classification and file the return.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SHYAM SUNDER GULATI

Shubham Jain

Aakash Kumar

Tia Blair

yadagiri

Subscribe Now

Filing of Return under wrong head

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Accountant

Article Assistant

GST CONSULTANCY

CA Final

Manager- Finance and Compliance