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"total income -> current year loss, if any" in itrv for itr1

Munish (newbie) (55 Points)

15 June 2014

What is "Total Income -> Current Year loss, if any" in ITRV for ITR1 ?

I have put Loss on one House Income in ITR1 and it has suitably taken care also of that loss (given as interest to bank on home loan). But still In ITRV it shows a zero figure in the above section "Total Income -> Current Year loss, if any".

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Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 16 June 2014

yes, in itr-v the total income will be shown as zero because of the loss and you did not have any other income. loss can either be set off or carried forward for set off. in this case the loss will be carried forward next year for set off in accordance with the provisions of the act since you could not set off this year.