Not Declaring Profit/Loss on Sale of Assets There are chances that you have sold on profit some jewellery or plot which needs to be declared in your IT return. This is not included in your form 26AS, hence matching cannot detect this income. If there was a loss during the last year, it can be adjusted in future income which keeps your tax outgo checked. If loss is not declared before due date, it cannot be adjusted with future income. How to Avoid: This can be traced with bank statement, if you reconcile your receipts and payments for the year before filing IT return, all income and investment will be declared.