How to get over "Amount can not be negative in 9Aiii"

ITR Filing 2600 views 9 replies

venu byravarasu

5 Points Posted on 27 October 2021

Hi all,

While filing my ITR via clear tax, after adding all stocks related transaction details, I see following errors:

In Trading Account - (9Aiii) - mention both Narration and Amount. Amount can not be negative.
Mandatory to fill the balance sheet (i.e. the sections "1. Sources Of Funds" and "2. Applications of Funds") as Profit and Loss a/c is entered.

I suspect if these are because of not accounting for margin amount used from broker.

Can someone help me on how to get out of this error?

Venu

Replies (9)

Seems you are filling ITR 3 and showing your profit from trading of stocks in P&L Ac. That is why the second error is generated, BS is mandatory in case of Business and Profession.

The first error is generated because you have shown negative expense in Trading Account.

venu byravarasu

5 Points Posted on 27 October 2021

Sir,

I used cleartax portal to upload my broker statement for last FY. They automatically filled the data and not sure where to check if the form is ITR3 or 4 in their portal.

w.r.t. 1st error, though my capital is 2+ lakhs, I did trading of FnO segment for 60+ lakhs. As this was over a period of year and broker charges only margin, I'm not clear under which fields I can show the difference amount so that its not treated as my capital. Can you plz suggest a way to fix this issue?

Venu

Janak Shah

603 Points Posted on 27 October 2021

Difficult to fix the issue unless knowing which ITR the data is entered. Preferably contact Clear Tax support or get the ITR filled by a CA.
It seems ITR 3 is filled instead of ITR 2, do you have any other income except FNO and Stock?