Hello Hardik For assessment year Ay22-23, I forgot to report short term losses due to foreign share trade in the section CG. It was a substantial loss of 200000 Rs and hence tax impact. How can I make those corrections now. Should I file a revised return for AY22-23 or do something else?. Pls note that I have already filed returns for AY23-24 too

Ans: Hello Purnima,

I understand your concern about the unreported short-term losses from foreign share trading for the Assessment Year (AY) 22-23. It's crucial to correct this oversight as it has a significant tax impact.

You can rectify this by filing a revised return for AY22-23. The Income Tax Act allows taxpayers to revise their return if they discover any omission or any wrong statement therein. However, please note that the revised return can only be filed if the original return was filed within the due date.

Also, remember that you can carry forward these losses to offset against future gains only if the original return was filed on time. So, if you had filed your original return for AY22-23 within the due date, you can carry forward the losses.

Please consult with a tax professional or chartered accountant to ensure that the revised return is filed correctly. This is a general advice and for a more detailed procedure, you may want to consult with a tax professional.

I hope this information is helpful.