Revised IT ReturnReport
Please briefly explain why you feel this question should be reported .
I have filed IT Return for my wife for AY 2019-20 after the due date. The ITR includes loss in share trading (business loss) and gets carried forward in the absence of set-off during the FY. The IT CPC, Bengaluru has sent me a Communication of proposed adjustment u/s 143(1)(a) of Income Tax Act, 1961 in which they are disallowing the loss to be carried forward since the return was filed after the due date. They have advised me to file a revised return, or alternatively if I do not respond in 30 days, the return of income will be processed after making necessary adjustment(s) u/s 143(1)(a), without providing any further opportunities in this matter. I wish to file a revised return BUT how do I show the loss in such a way that it does not get carried forward. The IT utility does not have the provision. Other method is not to show any losses in the ITR so that nothing gets acrried forward to next year. Kindly advise how to tackle this situation. Many thanks in advance.
0Income Tax 4 weeks 0 Answers 18 views 0