How Carry Forward of Losses works, Please Explain?

Why my Speculative loss set off with Other Source income? It shows on Quicko platform when I was preparing my ITR 3 in Review section. MY salary income Nil, Speculetive activity losses 20000 apx and saving ac, fd ac intreses are 5000 apx, in review section shown setoff 5000 and CFL is 15000.

Hello @Nikhil_Singh,

Speculative Business Losses can only be set off against speculative business income. The same rule is followed by Quicko’s tax engine. In your case, the losses that you have mentioned must be current year non-speculative losses which can, indeed, be set off against other sources of income.

You can refer to this article: Set Off and Carry Forward Losses under Income Tax | Learn by Quicko