Comment on Taxation Simplified

raj195 commented on 04 Jun 2013, 04:25 AM


I do trading in F&O and incurred a loss during AY201213 which I declared as business loss. I filed my return in itr4 and in P&L filled 51(a), 51 (b) and 51(c) (No account case). My gross receipts (absolute value of total profit plus total loss) was about 2,50,000 only and so audit is not required. Now I have received notice u/s 139(9) from cpc, bangalore saying that my return is defective for following reasons and that I should file rectification.

1. Error 14: Assessee is entering -ve amount in gross profit or net profit without giving details in part B of P&L In SL 51(b) and 51 (d).

2. Error 23: Where assessee furnish total of amount deducted in SL 2, 3, 4, &5 of schedule BP should be consistent with total credits in P&L SL no 5

3. Error 32: assessee has claimed loss under head “profit and gain of business or profession”. However, he has not filed balance sheet and profit &loss account.

Is it possible for you to kindly send or upload a sample excel sheet (for schema itr4) with specific example of loss in F&O trading. This will be a great help to small part time occasional traders like me. Thanks Sir and hope to get some positive response.

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