08 July 2010
I would appreciate any help on the following query -
I filed my tax return for FY 2008-2009 (AY 2009-2010) through a consultant on 31st July 2009. Significant points of the return were - 1. Short selling and intra-day trading loss of Rs 10000 (speculative loss) 2. Short-term capital loss of Rs 30,000. Considering point 1, ITR-4 was filed, and I wanted to carry forward the losses.
When I received the acknowledgment, I discovered that Short selling and intra-day trading loss (speculative loss) has been wrongly filed as non-speculative business loss. I brought the discrepancy to the consultant and a revised return was filed on my behalf in Aug-2010 making the corrections and I got the acknowledgment.
Now when I started to file the return for FY 2009-2010 (AY 2010-2011), I referred to the revised acknowledgment for FY 2008-2009 and to my surprise I discovered that the revised return again had been filed with another wrong information (this time missed out "Deductions under Chapter-VI-A").
Please guide me on the following Qs -
1. Do I need to/ should I file revised return (third time)? Also since AY 2009-2010 has ended, does that account for the Penalty of Rs 5000? I have a return claim of Rs 20000 for FY 2008-2009, can i adjust the penalty (if applicable) out of that refund in revised return that i shall be filing now? 2. I had incurred losses (speculative trading and STC Loss) in the FY 2008-2009, can I carry forward those losses and offset the gains in FY 2009-2010 against those losses, in case of revised return?
08 July 2010
Well First u must have filed ur Revised return in Aug 09 & not aug 10.
1. Yes u can file ur revised return for FY 08-09 til 31.03.2011. so file that. As was decided in the case of Dr. N shrivastava, revised return can be filed any no. of times. No penalty will be levied bcoz u filed ur original return on time. Also Penalty cannot be adjusted against the Refund claim if any in any cases.
2. Yes u can Carry Forward the Claim to FY 09-10 & set it off.
CAclubindia
