ITR
F&O data in AIS and mismatch notices
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Facts
Brokers and exchanges report trading data that shows in AIS. Not reporting F&O at all, even a loss, creates a mismatch and loses the chance to carry the loss forward.
Provisions and law
- Sec 285BB (now Sec 510)Annual Information Statement
- Sec 80 (now Sec 121)Loss can be carried forward only if the return is filed by the due date
- Sec 139(5) (now Sec 263(5))Revised return
Analysis
For AY 2026-27, you can revise to ITR-3 and report the F&O loss, but carry forward needs the original return filed by the due date. If the original was on time, a revised return can still carry the loss. For older years, an updated return cannot increase a loss. Reporting correctly avoids an e-campaign email or notice.
Conclusion
- Check AIS for F&O and intraday entries
- Revise the return to ITR-3 if still within time
- Report turnover and loss correctly
- For older years, respond to any campaign with explanation
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