Carry forward loss doubt

ITR 1371 views 4 replies

Ashwini

49 Points Joined June 2014

Hi,

This question is about, how to enter data in ITR-2 related to CFL.

Let me ask the question with an example.

Let us assume:

AY 2012-13 – Short Term Capital Loss of Rs 1,00,000 ==> This is shown as carry forwarded loss for that year

AY 2013-14 – Short Teem Capital Gain of Rs. 50,000 ==> This GAIN is adjusted with previous year’s LOSS. ==> Means, this year, no LOSS to be carry forward and overall LOSS to be carry forward remains Rs 50,000/- (1,00,000 – 50,000).

Question:

In AY-2014-15 ITR-2, in SCHEDULE CFL, what values to be entered against each year.

If I enter as below….

For AY 2012-13, as carried forwarded LOSS is Rs 1,00,000, this number goes in to Short Term Loss

For AY 2013-14, as there was no LOSS for THAT YEAR, ZERO goes there.

But, this will make the column “Total of earlier year losses” to 1,00,000 (as it is just adding both the year numbers)

My actual question here is, I only have LOSS of Rs 50,000 to be set-off against future gains.

So, do I need to enter only Rs 50,000/- against Short Term loss for AY 2012-13, because of Rs 50,000 is already set-off against AY2013-14 Gains?

But the issue if I do that is, if I enter Rs 50,000 for AY-2012-13 (even though the actual loss is 1,00,000), it won’t match against the ITR of that year, which might create confusion.

So, please let me know, what is the best way to enter this CFL data.

Thanks a lot for reading through the big mail and hope, I am able to explian the question well. If not, please let me know, so that I can provide more details.

Thanks,

Replies (4)

praveen

Chartered Accountant

6971 Points Joined September 2007

I feel you are required to show only the losses which are yet to be adjusted.

As per your ex. AY 2012 - 13 you have Rs.100000 loss out of which 50000 got adjusted in AY 2013 - 14.

Hence balance being 50000.

You have declare only 50000 in the incone tax return under carry forward losses.

https://capraveenmr.wordpress.com/

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

loss of 50000 should only be reported. as far as the matching requirement is concerned, i.t.dept. has your yearly data and it can verify that the diff. of 50000 was adjusted in last year return.

Ashwini

49 Points Joined June 2014

I am still not getting . So lets say in AY i dont have any loss.... so I should report 50000 loss in only 14-15 column ?? and leave 12-13 and 13-14 year column blank now ?? also assume again this year I have loss of 20000. then how should I fill in "Schedule CFL" sheet. i think 2 ways. 1)

12-13 loss 50000 (which is actually 100000)

13-14 Nil (Profit this year 50000)

14-15 loss 20000

OR 2)

12-13 NIL

13-14 NIL

14-15 loss 70000 (after calculating my all previous loss which is not setoff and + this year loss so 50000 + 20000) = 70000

which way to fill this detail in sheet?

sieaus

BBB

125 Points Joined July 2011

I too am stuck up with the same situation.

I had STCG (loss) in AY11-12 (say 20000/-) & AY12-13 (say 60000/-) which I had shown in ITR-2. Further I had STCG (gain) in AY13-14 (25000/-) which I had set off against earlier years losses. Now when I am filling ITR-2 for AY14-15 in which I do not have any STCG (gain or loss), how much amount out of 20000/- in AY11-12 and 60000/- in AY12-13 will be my carry forward loss in AY14-15 and in which section I need to fill all those figures. If I mention 20000/- & 60000/- in CFL in relevant rows, it shown 80000/- carry forwrad which is not the case because I have already set off 25000/- in AY13-14 and I have only 50000/- effectively to carry forwrad, which in turn means, total 20000/- loss of AY11-12 is has been absorbed and 5000/- out of 60000/- of AY12-13 has been absorbed by 25000/- gain of AY13-14. Now in reality, remaining loss for AY11-12 is 0/- and AY12-13 is 55000/-. How do I fill ITR-2. Please help.