The assessee who files his/her income tax return after the due date mentioned under section 139(1), cannot carry forward the loss. However, if they still file a Belated Return with carry forward loss, they will a receive a notice under disallowed loss claimed in ITR. The assessee should rectify the error of the disallowed loss and file a Revised Return under section 139(5).
Example
- ITR Due Date for FY 2016-17 (AY 2017-18) in case of tax audit: 30th September 2017 extended to 7th November, 2017
- Assessee has incurred loss of INR 9462 from trading in equity shares
- Assessee filed income tax return on 8th November, 2017. It is thus a Belated Return
- The income tax department issues a notice u/s 143(1)(a)(iii) i.e. Disallowance of loss claimed in ITR
- The assessee should file a revised return after rectifying the error or mistake made in the ITR
Prepare and File Revised Return to Remove Carry Forward Loss in Belated Return
- Download Utility
Firstly, download the latest java or excel utility of the applicable ITR form income tax e-filing website.
- Open the .XML file
Open the .xml file of the original return in the utility.
- Tab – Part A General
Under the tab ‘Part A – General’, move to section ‘Filing Status’. Enter the following details:
a. Filed u/s – Select 139(5)-Revised Return
b. If revised/defective/modified enter Receipt No – Enter the Acknowledgement Number of ITR-V of the Original Return
c. Date of filing original return (DD/MM/YYYY) – Enter the date on which the original return was filed - Schedule CFL
Under the tab ‘Schedule CFL – Details of Losses to be carried forward to future years’, remove the entry of previous year loss if the ITR for that year is filed after the due date.
Based on the above notice, remove the entry of loss of AY 2017-18 since ITR was filed on 15/11/17 i.e. after the due date of 07/11/17
- Recalculate and Save
Click on ‘Recalculate’ in the top row and then click on ‘Save’ to generate the XML.
- Upload XML
Upload the XML on income tax website to file revised return. Login to your account on income tax portal.
Go to e-File > Income Tax Return, enter the required details, upload the XML and submit.
FAQs
There is no way to reply after the time limit is over. The link for e-proceedings gets closed. If you do not respond to the notice within the allowed time limit, the income tax department will process the return after making an adjustment of the demand raised with the TDS credit available. They may also issue another notice to pay the outstanding demand.
The assessee can submit a Condonation Request on the income tax portal to borrow time for filing Revised Return. They need to provide a valid reason for delay in filing ITR.
I happened to overlook an intimation from CPC for the AY 2017-18. The 2 important points are
– I am eligible for a return of around 1 lakh
– I have made an error in mentioning my total income
The intimation was dated May 2018 & I just saw it today.
What is my best option now?
Hey Niketa,
The due date for filing revised ITR for AY 2017-18 has passed. The best option currently will be to login to your Income Tax Account and check for any notice issued by the department. Revised return can be filed in response to the notice, given the condition that the link for e-proceedings is not yet closed.
Connect with one of experts who could guide you through this process- https://plans.quicko.com/plan_E18E4D
I have filed ITR on time on 30 December. However, I want to file revised returns showing the capital loss. I did not file capital loss before.
Hey Ganesh, could you please provide your contact details at help@quicko.com and someone from our team will get in touch with you soon. 🙂
I have short term capital loss from previous year, so while filing ITR for this year can I carry forward this unadjusted loss of last year for adjustment in next year without claiming deduction for same in this year? Is it possible.
Hello Team Quicko,
Last few year I filed ITR on time, but did not declare losses, now I want to revise all those previous ITR filing to set off loss with current and future gain.
Is it possible to revise previous year ITR?
Hey Chandan,
You can revise your ITR for FY 2021-22 and mention the losses and carry forward the same. However, you cannot revise the earlier year returns since due date is passed.
You can book a MEET from MEET.QUICKO.COM to get assistance in revising the ITR for the last FY i.e FY 2021-22. Please note that the last date to revise ITR for FY 2021-22 is December 31, 2022.