In AY 20-21 I had the following CFL: Speculative Business loss Rs.20,000, and ST capital loss 5000.
In AY 21-22 the short term capital loss was adjusted completely, and the entire Speculative business loss of Rs.20000 got CFL again.
Now, in AY 22-23, I still need to carry forward the speculative business loss of Rs.20000.
While filing the BFLA section under Additional Details section in Quicko, if I show both the speculative and ST Capital losses in AY 20-21, I can not show the adjustment made in AY 21-22. Because it takes only the losses. So finally in AY 22-23, my CFL would still include the capital loss which was already adjusted. What am I missing here? Can you please help?
PS: I have filed my tax return in all the previous years, and I am sure that my BFL for AY 22-23 is speculative loss of Rs.20000.
Hey @george
Carry Forward Loss of each year is reported under Schedule CFL in the ITR. Schedule CFL reports the final amount of loss after making adjustments for set off with other incomes. Thus, if your STCL was adjusted in AY 21-22, the CFL of AY 21-22 would not comprise of STCL but only Speculative Loss of INR 20,000.
Solution:
You must enter the data of final carry forward loss as per Schedule CFL of the previous ITR filed. Therefore, enter the details of unadjusted Speculative Business Loss for the accurate calculation.
You can read more about it here - Brought Forward losses for previous financial years
Hello @Sakshi_Shah1,
just to confirm, while filling up the BFL section under Additional details in Quicko, I have to fill in fields according to the CFL section of the latest filed ITR.
It is thus immaterial which AY the losses actually happened, or when what got adjusted by how much. Only the RESULTANT losses as reflected in the CFL section of the previous filed return matters. Right?
So in my case, it would be AY 21-22, original date of filing ITR for AY 21-22, and speculative loss of 20000. Screen shot attached. Please confirm.
I appreciate your time. thanks.
Hey @george
Yes. While filling up the section BFL under Additional Details, fill in details of brought forward loss from previous years as per Schedule CFL in the previous filed ITR.
In your case, you just need to add details of the speculative loss of INR 20,000 for AY 2021-22 since it is an unadjusted loss. STCL was already adjusted and exhausted and thus need not be reported now.
The screenshot attached is okay based on the details you mentioned regarding the losses.
My queries is related to Loss adjustment against my short term and long term capital, Let me provide a brief about this.
For AY 2021-22 : Long Term Loss: Rs. 219287
For AY 2020-21: Short Term Loss: Rs. 106123
2021-2022 Financial Year - My capital gain was:
Short Term @ 15%: 29,507
Long Term @ 10% : 52,188
Once I am filling and adjusting my loss against 2021-2022 Financial Year capital gain.
STCL for AY 2020-21 Rs. 106123 is first being adjusted against your STCG & LTCG of Rs. 81695 (29507 + 52188)
Since Rs. 52,188 is long term capital gain then why it is adjusting against the For AY 2020-21: Short Term Loss: Rs. 106123.
It supposed to adjusted against the long term capital gain.
I am facing this while filling my tax using Quicko.
Please guide me about this.
Thanks
@Nireka @Hem_Shah
I also had a similar question where LTCG (less than 1L) is adjusted with STCL.
Can you please elaborate on this? Thanks.
do current year business loss set off against short term capital gains ?
in quiko website it was showing
my STCG is 98,379
business loss is 25,202
and my net profit was 73177
Hey @Geethanjali , you can set off your non-speculative business loss against any income except for salary in the current year.
However speculative business loss can only be set off against speculative business income.
Here’s an article that you may find useful
Hi @Sreetama_Chakraborty - I am facing one issue related to CFL. I am having CFL in AY21-22, which I am entering in BFLA section, but it is not correctly taken for calculation, in fact when I remove the CFL filed it takes the value on it’s own, not clear from where it is getting the CFL value of previous year although it is not entered. Can you please help here?
Thanks,
Amit
Why do u you setoff F&O losses with Other Incomes like Intrest income and convert it into Non speculative losses.
I had a simple doubt. From the last year itr form column with heading “Loss from business other than
loss from speculative business and specified business” specifies amount 50k. Is this the same as Non-speculative Loss in Business & Profession asked in Quicko ? I used the feature pre-fill in quicko to auto fetch values, however this Non-speculative Loss column is empty after prefill while it filled the speculative columns with correct amount. Kindly clarify.
Thanks
Achuth
Is there a way to import previous filings? Usefully especially for CFL - I had used Quicko last year to file my returns and have some CFL from there - Does the tool have the capability to pick up either of the data - Import from IT dept / Import of your own data from last year?
thanks for your attention
Hi @Flame
If you import from the ITD on Quicko, all your CFL are also imported and prefilled onto Quicko.
Additionally, you can check the same under Additional Details > Brought Forward Losses.
Here’s you you can add Brought Forward Losses : Help Center on Quicko.
Hope this helps.
I was filing my ITR with quicko. I have losses in f&o & have profit in other business income u/s 44ad. While reviewing I noticed the carry forward loss (CFL) is not showing for the current year. So, my doubt is if I’ll have to enter the CFL while filing ITR the next year or does this f&o loss does not count as it is already deducted from the other business profit as both are non-speculative.
FnO is a non-speculative business income and loss from the same is adjusted with the other non-speculative business income.
Hence you see the net income from “Income from Business & Profession” in the review tab on Quicko.
Here is a screenshot for your reference.
Hope this helps.
Hello @Sakshi_Shah1 @Amulya_Garg
I am using old regime and want to carry foward some loss to next year but CFL in quicko does not show anything.
Total Income 8,00,993
CYLA (FO loss) 4,83,981 ( I need this show 1,00,993 so my net will become 5L and rest I can carry
forward to next year. How to do this?)
Gross income 3,17,012
Deductions 2,00,000
Net 1,17,012
Please help.
Can anybody please help me to understand why I am seeing 11 lac+ speculative loss? I have 2 demat accounts and they are not showing this figure.