Hi,
For 2021-2022 and so on till 2024-2025 I have filed ITR using form 1. I have f&o losses from 2021 to 2025. How can I claim those? I was trying cleartax and it is recommended itr-3 for this year but it is accepting only 2024-2025 losses. How can I claim the older prior losses?
For claiming prior losses (from 2021 to 2023):
Carried forward losses need to be adjusted in the current year's return if you are filing ITR-3.
You should verify if Form 1 allows carrying forward losses for those years.Typically, business losses are carried forward in ITR-3 for businesses.
If you have been filing ITR-1 (for individuals with salary income), you might not have reported business losses..
check with a tax professional or consult the Income tax dept. guidelines for specific on how to claim prior losses, especially if switching from ITR-1 to ITR-3.
I think you have missed the deadline for claiming past losses.
For claiming losses you have to file the tax return in time.
Loss for 24-25 you can claim by filing return in time.
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