For AY 2013-14 I got Intimation U/S 143 (1) and I gor Refund which is credited to my bank account. However there is another item in the intimation. It says "Loss in Current Year to be carried Forward Rs 39486". What is this item? What should I do now? Should I pay anything to IT or is this intimation hlpful to me in future? Can anyone clarify to me.
I am a retired professor from Osmania University drawing pension.
Thanks muralikavi@rocketmail.com
REPLY FROM SEETHARAMAN ( Expert ) 15 November 2014
While filing the return in the next year you can adjust(deduct) this carried forward loss of Rs. 39486. You need not pay anything now to IT.
My New Query: It is a good news. I would like to get clarification if this amount Rs 39486 can be deducted from my Taxable Income next year- is this correct?
There are many sections under which deductions are available. While submitting my returns what should I write in the SARAL form? Under which section should I show this deduction.
CAclubindia
