Where can one place figures of loss of the past years as BFLA for AY 2019–2020 in ITR 3-In case I did mentioned Rs.40120/- as business losses of BFLA of AY2014–15 in CFL,but surprisingly it is NOT taken into account in TI and TTI section of AY2019–20 for set off calculations , it shows 0 (as if i have not mentioned ) what to do, which column/ to make a set off of BFLA Rs.40120/- against current years business income of Rs. 76000 ( AY2019-20)
so that I can pay taxes on balance Rs.25880/ appropriate it with advance tax paid OR Business profit with business loss - BFLA amount of Rs.40,120 of year AY2014–15.
In the past though I am showing it ( BFLA of AY2014-15),in ITR -3 every-year,
it is not GETTING ADJUSTED in PROFIT /INCOME of these years,
my worry is that only couple of years are remaining out of 8 years of adjustment of business losses ( AY2014-15) as BFLA in CFL in TI-TTI , what to Do to mention in ITR-3 , so that BFLA is adjusted with business profit
First fill the details in Schedule CFL with date of filing return and nature of business loss.... under column 5 (if filled in 7, it will adjust with specified business only')
If the date of filing return for 2014-15 is beyond 'date specified u/s. 139(1)' ... it will not get populated in schedule BFLA'
If there is business gain in current year, & as per rules of set off, it will automatically, adjust... Good Luck...
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