Hi,
I had incurred a loss in F&O trading last year and had filed for the same in my AY 2020-2021 ITR under the no accounts case.
However, in the 143(1) that I received, the loss got accepted in the "Gross Profit" section but it shows 0 in "Net Profit". So, essentially, my entire loss isn't accepted.
What could be the reason for this? And how can I change this?
Any help would be much appreciated.
FOR SET OFF & OR CARRY FORWARD OF LOSSES, YOU NEED TO FILE COMPLETE DETAILS WITH BOOKS OF ACCOUNT MAINTAINED.
SYSTEM WOULD NOT ACCEPT LOSS TO SET OFF 'UNDER NO ACCOUNT CASE'.
Okay, so if I file it now under the complete book of accounts case, would I be liable for an audit too as it's a loss?
1. REVISED RETURN FOR AY 2020-21 CANNOT BE FILED NOW, ITS TIME BARRED.
2. TAX AUDIT IS NOT APPLICABLE BECAUSE OF LOSS INCURRED, BUT IT GETS APPLICABLE BASED ON TURNOVER, IF EXCEEDED Rs. 1 CR.
Oh, okay. My turnover is way less than 1 CR so tax audit isn't needed. But if I can't file a revised return, what would be my best course of action now? Pay the additional tax?
FILE RECTIFICATION U/S. 154 OF IT ACT WITH THE CHANGES, CHECK IF THAT IS ACCEPTED. OTHERWISE NO ALTERNATIVE.
Okay, thank you so much. I'll try the same.
Jawahar and Associates Chartered Accountants
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