LTCG and STCG Help Please Urgent

As per Zerodha console Tax P&L, In FY 2020-21, My LTCG is Rs.42000 and STCG is Rs.6,34L (Profits).

In FY 2019-20, My LTCG is -1.09L and STCG is -4.16L (Losses).
Is there any way I can adjust the losses of 2019-20 in 2020-21? I have filed ITR of 2019-20 within the stipulated time, but not shown the capital losses of 2019-20 in the ITR.

Now I wish to adjust/carry forward the losses of FY 2019-20 in the return of 2020-21. The return of 2020-21 is filed, but I will submit revised return.
Someone kindly tell me whether it is possible? I tried quicko, but it is not showing any option to carry forward. Is audit needed to carry forward? Please help…

You cannot revise the 19-20 return without condonation request (Income Tax Officer approval)
No officer will give approval for revising return if you want to claim losses to save on paying taxes.

I wish to revise return of FY 2020-21 which was submitted in Dec-2021 please.

Did you try clicking on the “file revised return” button on the income tax portal after logging in? For me this button is visible, to revise the return for FY 2020-21 that I submitted in Dec 2021.

Having said that,

  • You cannot adjust the losses from FY 2019-20 against the gains from FY 2020-21 without first reporting those losses in the returns for FY 2019-20.
  • The time for filing or revising the returns for FY 2019-20 is now long past, and you need the special permission of your IT officer to revise it now, like @GoutamHebbar said.
  • Do not revise returns in the “urgent” mode! You may make mistakes and end up having to pay more taxes/penalties because of these.

Thanks for the reply.

As I can not revise return of fy 2019-20 without condonation, shoud I drop plan for adding losses or just try once?

I think the last date to revise return of 2020-21 is 31March 2022, ie today. So I should revise it today itself by adding LTCG and STCG , isn’t it?

For 2020-21 I have filed ITR1, now can I revise it to make another form as I trade f&o, equity?

These are really questions that you should ask a certified professional (a CA); depending on random strangers for these things could land you in bigger trouble.

I am not a CA, but just a lay person. Your questions are quite non-standard, and I cannot confidently give any answers for those.

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That can be easily done. and remember today is the last day to Revise the return of FY 20-21

Yo, you are saying that you haven’t reported your trading income. You’ll be in deep trouble. Lots of people are getting notices. Visit CA. Today’s the last day. After today you cannot do anything;

Revise your return today. But then make sure you are reporting right income this time.