Hi,
I have incurred a capital losses of around 30,000/- for the FY 2012-13. When I entered these details in the ITR-2 excel sheet, these losses have been shown as being carry forward to future.
At the same time, I have to pay an extra tax of around some 4000/- plus because of an additional income of 20,000/- plus which was not accounted in Form-16. So, in summary ITR-2 is asking me to pay extra tax of 4K plus and carry forward losses of 30K.
Now, my question is why don't the ITR-2 form deduct the taxable income by 30,000/- and re-calculate the tax to be paid. Is there something I need to do for it to happen? Or, these both are independent?
Ideally, I'd expect the losses (30,000/-) should be deducted from the total taxable income and hence in this case, I'd get some tax refund for the amount of 10,000/-, which is much better than paying tax now for 20,000/- and carrying forward 30,000/- losses.
Why so much of these complications of carrying forward etc?
Let me know of how to deal with this situation in the best possible manner.
Thanks,
CAclubindia
