Hi!
I got notice under section 139(9) of defective return and I am asked to file the rectified return within 15 days.
Actually, the return ITR4 which was filed originally had some mistakes.
I was discussing the mistakes with my CA and we were about to rectify it,
I got the notice.
As I traded in Nifty futures last year and made a small loss of Rs. 300/-,
the employee of my CA by mistake, entered the contract value of Nifty futures which is approx Rs. 2032900 in the 8th column of long term capital gain which is "Full value of consideration" (in ITR4).
Beneath that there is a column of "cost of acquisition with indextion", he put Rs. 2033200 there and the balance was Rs. 300 (Page 22 of ITR-4).
Don't understand how he put all these details.
My CA also pointed out that it was a mistake and were about to rectify it and we got the notice.
I think ideally the contract value should not be entered in ITR-4.
It's only absolute sum of profits and loss which is turnover.
Now the questions are:-
1) When I file rectified return with response to the notice, can I rectify the mistakes which were there in the original ITR4 ?
2) If there is a discrepancy between the two ITRs, won't it create problem ?
as in my case it's the contract value of approx 20 lakhs which should not have been entered and it was entered in long term capital gain column.
If I remove it in the revised return, will it create any further problem?
What to do?
Thanks,
Mitali Shah
I got notice under section 139(9) of defective return and I am asked to file the rectified return within 15 days.
Actually, the return ITR4 which was filed originally had some mistakes.
I was discussing the mistakes with my CA and we were about to rectify it,
I got the notice.
As I traded in Nifty futures last year and made a small loss of Rs. 300/-,
the employee of my CA by mistake, entered the contract value of Nifty futures which is approx Rs. 2032900 in the 8th column of long term capital gain which is "Full value of consideration" (in ITR4).
Beneath that there is a column of "cost of acquisition with indextion", he put Rs. 2033200 there and the balance was Rs. 300 (Page 22 of ITR-4).
Don't understand how he put all these details.
My CA also pointed out that it was a mistake and were about to rectify it and we got the notice.
I think ideally the contract value should not be entered in ITR-4.
It's only absolute sum of profits and loss which is turnover.
Now the questions are:-
1) When I file rectified return with response to the notice, can I rectify the mistakes which were there in the original ITR4 ?
2) If there is a discrepancy between the two ITRs, won't it create problem ?
as in my case it's the contract value of approx 20 lakhs which should not have been entered and it was entered in long term capital gain column.
If I remove it in the revised return, will it create any further problem?
What to do?
Thanks,
Mitali Shah