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Carry forward of losses : ITR1 In between

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Anil George

3 Points Posted on 12 May 2023

HISTORICAL INFO

Filed
ITR1 FROM 2010-2016 (FILED BY SELF, ONLY SALARY INCOME)
ITR3 FROM 2016-2021 (FILED BY CA, SALARY INCOME + FO LOSS, FILED AS BUSINESS LOSS AND AUDITED BY CA TO CARRY FORWARD LOSSES)
ITR1 FOR 2021-2022 (FILED BY SELF, ONLY SALARY INCOME, DID NOT DO ANYTHING TO CARRY FORWARD FROM 2021)

PLANNING
ITR-1 FOR 2022-2023 (FILE SELF, ONLY salary income MOVE FROM NEW TAX REGIME TO OLD)
ITR-3 FOR 2023-2024 (FILE THROUGH CA, SALARY INCOME +FO PROFIT)

QUESTION
For 2023-2024, Can I adjust FO profit against my audited losses between 2016-2021 even though I self-filed ITR-1 for 2 years in between? If I cannot this also means I have to pay advance tax for this year.

Replies (2)

Quick Summary

This discussion concerns the ability to carry forward business losses from 2016-2021, which were previously managed via ITR3 filings, into the 2023-2024 tax year. The user filed ITR1 for two intervening years (2020-2021 and 2021-2022) without explicitly carrying forward these losses. The core question is whether these audited losses can still be adjusted against business profits in the upcoming ITR3 filing, even with the break in ITR3 usage, and the implications for advance tax payments.