I have received Incorrect claim u/s 143(1)(a)(ii) Adjustments u/s 143(1)(a) notice: Which says Schedule BP and P&L - In Income Tax Return = 11602 Amount in ₹ As Computed = -32985 Variance = 44587. What does this mean? Negative P&L ? Would this attract Tax or Penalty?
I had traded in Futures and the turnover was less than 5 Lacs and incurred a loss after taxes / stamp duty etc. But I did not claim the loss and instead showed profit before tax.
I can see that in return filed - The Profit after tax(53 - 54 - 55) = -44588 but in - Profit before tax as per profit and loss account (item 53 ,61(ii), 62(ii), 63(ii), 64(iii) and 65(iv) of P&L) = 11602. Can you please help me understand this.
Would there be any penalty? or demand?