Revised Return after the rect of Intimation U/s 143(1)

This query is : Resolved

Guest

Guest (Querist)

18 December 2010 Dear Friends / Experts,

Please see and advise.

A, an individual is engaged in Shares Trading on a daily basis.

A, also a salaried individual.

As A could not ascertain the volume of share transactions, A filed his Income Tax Return on 31st July 2010 with an intention that he would file revised return subsequently once the transactions of shares are ascertained.

Now, A has received Intimation under Section 143(1) from CPC.

Query

How A can proceed in revising his return, as A has a loss of about Rs.85000/- from delivery based transactions.

Ans : .................

A also has profit of about Rs.65000/- from Intraday transactions.

Ans : .................

A also has got the following expenditure amounting to Rs.60000/- :

(ST, STT, Stamp Duty, Turnover Charges, Late Payment, Demat Delivery Charges, Penalty for Auctioned Scrip, etc.)

Ans : .................

Whether A can set off the loss Rs.85000/- (from delivery based transactions) and above expenditure Rs.60000/- with the profit (from Intraday transactions) of Rs.65000/-.

Ans : .................

I shall wait for your views / guidance to proceed further for revising the return.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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18 December 2010 Yes. as you have filed the original return within due date ,you can revise the return and adjust the loss and expenditure with the profit.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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18 December 2010 intimation u/s 143(1) is not an assessment. so you can revise the return.

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Guest

Guest (Querist)

06 January 2011 It may be noted that A already filed the return within the due date i.e. 31.07.10.

I developed a doubt i.e. under which section, the 'Revised Return' to be filed by A.

As per the form, the following are the options available :
11 - 139(1)
12 - 139(4)
13 - 142(1)
14 - 148
15 - 153A

Can A select the option '11 - 139(1)' and file the Revised Return ?

I shall await for further views on my query.

Thank you for your previous response.

DK.

Guest

Guest (Querist)

06 January 2011 I shall wait for further views on my above query.

Thanks.
DK.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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06 January 2011 yes. you have to select 139(1). and select "revised " in the coloumn "wheather original or revised.