Hi everyone,
Yesterday I was filling ITR 3 for Individual who is a proprietor of godown business for storage of food grains and thus eligible for deduction u/s 35AD. After filling all details and net profit, of say 20 lakhs, I want to set off my profit from brought forward loss of specified business. But I could not do so as ITR 3 does not have any option where I can show my profit as profit from specified business. It is not allowing set off saying profit of normal business can't be set off from loss of specified business.
Make sure that the figures in the following colums are appropriate and in place.
In ITR-3
Schedule TI - Part B - 3 (iii)
Schedule BP - C
Schedule CYLA - the specified business column.
CAclubindia
