I have below incomes in current year:
1. Short term Capital Gain Rs. 50000
2. Income from Other sources - Saving's interest - Rs. 25,000
3. Business Loss - Rs. 35,000
Now, I want to adjust business loss of only 15,000 with Saving's interest as the balance 10,000 can be allowed as deduction u/s 80TTA. Remaining business loss of Rs. 20,000 i want to adjust with capital gain.
However, in ITR the schedule for loss adjustment is auto filled. This schedule is automatically adjusting business loss Rs. 25000 with Saving's interest and remaining Rs. 10,000 with capital gain.
Is there a way to correct it in the return. I don't think the act has given any priorities of heads in which losses should be adjusted.
CAclubindia
