Mentioning figures of loss of the past years as bfla of ay 2014 15 in itr3 for ay 2019 20

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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

Replies (1)

Its little bit tricky...

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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