Defective Return

[rajul begani]

Experts,

Pls advice me in the following matter.

In my return for AY 13-14 I have shown losses from F & O transaction as business loss amounting to3,30,000.00. My income from other sources is3,45,000.00.

Now I have received a notice of defective return for the above. The base being

1) Assesee entering negative amt. in Gross profit or net Profit ( no account case)

I just filled up the exp as3,30,000.00 leaving other details such as gross receipts n gross profit blank.

2) another error is where assesee furnish total amount deducted in Sl.2,3,4,and 5 of schedule BP should be consistent with total credits in the P and L Sl.no. 5

I have not entered any amt except the loss which is automatically carried to the schedule BP point no.1

Sir , please advice me to deal the following situation .Should I fill other ITR or use ITR 4 again.

If ITR 4 is to be used where to show the amts.?

Thanks in advance.

AI Summary

Individual Seeks Guidance on Addressing Defective Return Notice for 2013-14; Queries on Proper ITR Form Use An individual sought advice on addressing a notice of defective return for the assessment year 2013-14. They reported a business loss from Futures and Options transactions of 3,30,000.00 and income from other sources of 3,45,000.00. The notice cited errors such as entering a negative amount in gross profit and inconsistencies in schedule BP. The individual asked whether to use a different ITR form or continue with ITR 4 and how to properly report the amounts. A respondent inquired if the issue was resolved, offering further assistance if needed.