Need help in rectification of processed ITR U
Hi everyone,
I need practical guidance on fixing a mistake in a processed updated return of AY 2024-2025
My original tax return had the correct capital gains figure for a mutual fund transaction. Later, an updated return was filed through a CA, and while the sale value was entered correctly, the purchase cost was entered wrongly. Because of that, the updated return ended up showing a large capital loss of 4.52 lakh instead of a very small actual gain of 400
That loss was only carried forward and was never used for set-off. After I noticed the mistake, I made sure not to use that carried forward figure in AY 2025-2026 and made the CFL 0.But the updated return for the earlier year still shows the wrong loss.
Now that the return has been processed, I want to voluntarily correct the record. I am confused because the rectification guidance seems to suggest that return data changes cannot be used for reducing carried forward loss.
Has anyone dealt with a similar situation? What is the right practical route to get this corrected?