I have been involved in trading for the past two years, Without knowledge I have filed my IT return with ITR-1 form.
I have filed past two years with ITR-1 form. I have some losses in the past two years which can be set off. Can I show the bills too for that ?
Can I file that with ITR-3 form for the FY 20-21? Is it allowed for me
for FY 19-20 I filed with ITR-1 already, Is it possible to correct it now ?
Hi @imaravin,
You can file a revised ITR for FY 19-20 before the end of the assessment year i.e. 31st March 2021.
However, you cannot file a revised for previous assessment years.
if its already processed, can we still file revised returns ? and will they charge 5K-10K penalty
Hi @dexter007,
Yes, you can file a revised return even after the original ITR is processed. The due date to file the revised return is the same as ITR filing due date i.e. 31st December 2020 if tax audit is not applicable and 31st January 2021 if tax audit is applicable for AY 2020-21.
Read more about revised ITR filing.
@Quicko Can I carry forward previous year trade losses which I didn’t file, to the next year? or Should I need to file revised filing this year itself ?
Hi @imaravin,
You cannot carry forward losses for the previous years in which you did not file your ITR or report your losses. For FY 2019-20, you can file a revised return to report your losses and carry them forward.