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Which ITR form for salary having b/f business /ST Capital losses.

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Anonymous

Business

240 Points Posted on 29 June 2020

Hello,

I have only salary income this year. Last year filed ITR 3 in which business loss (also b/f business and short term capital loss) mentioned.
8 year period is not over and I wish to utilise it next years if required.
ITR 1 salary form not have columns to show thiese b/f figures.

Regards,

Replies (5)

Quick Summary

This discussion addresses the correct Income Tax Return (ITR) form for individuals with only salary income in the current year, but who have brought forward business losses or short-term capital losses from previous years. The user is concerned about how to declare these carried-forward losses, as the ITR-1 form for salary income does not have the necessary columns. The consensus points towards filing ITR-3 to correctly report and preserve these losses for future set-off, even if no business activity occurred in the current financial year.

sharif ahmed

ggggggg

134 Points Posted on 29 June 2020

ITR 3

Bhavin Shah

Chartered Accountant

821 Points Posted on 29 June 2020

ITR 3

Anonymous

Business

240 Points Posted on 29 June 2020

Thanks. That means just to show previous year ITR losses (f.y 2018-19 and before) I need to file ITR 3 despite the fact that in 2019-20 I fall under salary head only and not engage in any other activity.
Whether IT dept. disallow set off of such losses in future years if previous return filed on time but in subsequent one middle year we skip to mention details of previous filed ITR losses.