B/F Losses accepted in ITR3 New Regime, is it correct.

ITR 140 views 3 replies

Dear friends

I am filing ITR3, Under new regime I came to know that B/F business losses (options trading losses) are not allowed, but in Schedule BFLA there is option to add losses of previous years manually. These columns were not autofilled. I filled these manually.

I have b/f loss of 1-lac of AY21-22  &  3-Lacs for AY22-23, I filled up those figures in year wise b/f losses, it was accepted in ITR 3, no error.

These b/f losses are not utilised as set-off in current year, as there is no additional income for set-ff. just these b/f losses are c/f to future years. 

Json generated without any error, with figures of previous years losses c/f to future.

Used 1.1.3 latest IT utility version.

Should I upload it, is it okay that system accepted b/f business losses in new regime.

Thanks in advance.

Replies (3)
Yes, it is correct. Only certain deductions/exemptions are withdrawn in clause (i) of sub-section (2) of section 115BAC. Only the b/f losses relevant to these expenses are not allowed to b/f and set off with current year losses. Otherwise, there is no bar to set off business losses in new regime., or even c/f. So, file return with carry forward of the business losses.

Thank you Dhirajlal ji.

Sorry for belated thanks.

 

You are welcome.             


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