Hi
We have received a notice for defective return for AY 2020-2021. We were not able to file a rectification return due to portal issues and now the due date for submission is closed. We have capital losses and business lossed carried forward from last year. Can we set off those losses this year or have to wait for AY 20-21 return to be processed.
Thanks
I understand that you could not correct that defective return. It means now it is invalid (treated as not filed).
Now, you may file a condonation request for filing AY 20-21 ITR. Until then, you cannot claim that loss in any year.
https://www.incometax.gov.in/iec/foportal/help/how-to-raise-e-filing-service-requests
O P Bagla & Co LLP
New Delhi
CA Inter
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T R SOOD & CO
New Delhi
CA Inter
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CAclubindia
