Hi,
I have come across a strange situation while using IT filing Excel utility provided by the IT dept on its e filing website.
The summary of the same is as under:-
I have b/f business loss (NOT SPECULATIVE) – Rs. 100 relating to A.YR 2009-10(return filed in time)
In A.Yr. 2010-11, I have business income consisting of
normal business profit and Rs. 80; and
Speculation business income Rs. 10
When I press ‘’Calculate set off’’ button in schedule CFL in ITR 4-
IT SETS OFF ONLY BUSINESS INCOME (Rs. 80/-) AGAINST THE B/F BUSINESS LOSS AND DOES NOT SETS OFF SPECULATION INCOME (Rs. 10/-). This is contrary to Section 72 of the IT Act.
Also, when I manually put in the values in CFL (Rs. 90) and CYLA, it accepts them, BUT STILL CALCULATES TAX on Rs. 10 DISALOWING THE SET OFF OF SPECULATION BUSINESS INCOME.
I have downloaded software from the Income TAX E FILING SITE for A.YR 2010-11, many times but this error persists.
Can you please check and help.
CAclubindia
