Hi everyone,
Yesterday I was filling ITR 3 for Individual who is a proprietor of godown business for storage of food grains and thus eligible for deduction u/s 35AD. After filling all details and net profit, of say 20 lakhs, I want to set off my profit from brought forward loss of specified business. But I could not do so as ITR 3 does not have any option where I can show my profit as profit from specified business. It is not allowing set off saying profit of normal business can't be set off from loss of specified business.
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ITR 3 for Specified business u/s 35AD
Replies (1)
Make sure that the figures in the following colums are appropriate and in place.
In ITR-3
Schedule TI - Part B - 3 (iii)
Schedule BP - C
Schedule CYLA - the specified business column.
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