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How to claim losses in f&no commodities trading along

Sachin (None) (55 Points)

02 August 2016

Hi All,

I a working in a private job and get Form-16 from my company for tax filing.

I do some trading in commodities( F&O). I incured fair amount of loss (around 2 lack) in the financial year of 14-15. I somehow missed to claim these losses in the same financial year while filing my return.

My question to experts here is, can i file a corrective return for year 14-15 to put these losses in that financial year or can i file these losses into current financial year 16-17? Since i have already filed my return for 15-16.

Please let me know. I am based out of Pune.

Thanks
Sachin

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (167898 Points)
Replied 03 August 2016

You cannot claim that loss in AS 2016-17, as it pertains to earlier year. You may revise the earlier return, if possible.

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Sachin (None) (55 Points)
Replied 03 August 2016

Hi Dhirajlal, Thanks for your inputs. Can you please suggest me how can i file corrective return for previous year? If you can suggest me a practioner in PUNE area i am ready to work with them.

Thanks

Sachin

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (167898 Points)
Replied 03 August 2016

If you had filed your origininal return for Ass Yr. 2015-16 before due date, i.e u/s. 139 (1), you have chance to revise it u/s. 139(5), till march 2017. For any practitioner's help in Pune, let my colleagues suggest.