Capital gains, business and profession in tax planning

Income Tax
1

Hi,

  1. In tax planning “New vs Old Regime” tab, capital gains and Business and profession sections do not populate automatically from the tax P&L report. Can this be updated to pull from the report? extra fields can be provided, in case any additional capital gains to be added from other sources.
  2. If there is a long term profit, which is within exempt limit, whether to mention it or not in the long term section of “Capital gains”. If not mentioned will it affect carry forward loss?

capital-gain-question
capital-gain-question591×701 13.3 KB

2

Hey @Nagaraj_Chillale,

There are multiple details required to calculate the optimum regime and hence, we do not auto-populate the same under “New Vs Old Regime”. However, we have taken note of the feedback.

You can enter your net long-term capital gains after deducting the one lakh exemption. Moreover, LTCG can only be set off against LTCL, and hence if you don’t have any long-term losses, it will not affect the carry-forward losses.

Hope this helps!