Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

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

Reply
Follow
Share

3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177852 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.

Upgrade to CAclubindia Pro. Subscribe Now!

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.) (177852 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.