I am having problems with Schedule CFL. I had business losses in AY 18-19 (lets say 100 INR), 19-20 (100 INR), and 20-21 (100 INR). So a total of 300.
Last year I had a business profit of say 50 INR. So last year I used to accumalated loss to set off my profit in schedule CFL. So the remaining amount was 250.
This year I have had a profit of 25 INR. So I am trying to set that off using the remaining losses on CFL.
I am filling out the year wise losses as mentioned at the start of this post, and then adjusting it in Schedule BFL with this years profit.
But the total is coming to 275 instead of 225. Basically the count of accumulated losses is starting from 300 instead of 250 which is what it should be after the set off last year.
Only the tabs for year wise losses are editable in CFL. The tabs for total losses brought forward from previous years is not editable.
Kindly advise me on how to do this correctly so that I get the correct amount there. Please help with specific steps using my example if possible.
As the losses were adjusted in the last FY, you’ll have to enter the adjusted values. You should refer to last year’s ITR Form, Schedule CFL, to know the correct values.
Hi madam, I’m entering earlier loss as per CFL only, but it’s not being adjusted in BFLA. Kindly suggest how to do it, please find attachment of an error
The screenshot that you have shared is for Table-F of Schedule-CG wherein you need to mention the Quarterly break-up of Capital Gains. It has nothing to do with Schedule-CFL.
Sir, i have mentioned CG break quarterly only. This is the BFLA schedule which I’m unable to set off the earlier losses. Kindly guide me sir, the due date is very near
Earlier year brought forward losses needs to be filed up in Schedule-CFL. For further assistance you can connect with me on instagram @fintaxsnippets or on whatsapp at @8265860757.
Earlier year brought forward losses needs to be filed up in Schedule-CFL. For further assistance you can connect with me on instagram @fintaxsnippets or on whatsapp at @8265860757.
Sir the value is already there in schedule CFL but it is not visible in schedule BFLA.
I remember few days back I have seen the value even in BFLA schedule but now it is showing 0 value,
If the current year is also loss then the brought forward losses can’t be set-off. Current year loss shall also be carried forward in Schedule-CFL. Hope this clarifies. For further assistance, you can connect with me on my instagram handle @FinTaxSnippets.
I have a query as follows -
AY 22-23 - STG Loss - Rs 1000/-
AY23-24 STG Loss - Rs 49000/-
AY24-25 STG Profit - Rs 75000/- .The earlier accumulated loss of 50000/- was adjusted against AY24-25 gains of Rs 75000/- and STCG for AY 24-25 stood at Rs 25000/- after adjustments.
Now , while filing CFL in current AY 25-26 , I need to show losses in previous years .But if losses are shown for AY 22-23 (1000) and 23-24 (50000) and 0 is shown in AY24-25 (as there was net gain ) then carry forward losses for AY 25-26 comes to 50000/- and so can be adjusted against gains of AY25-26 also.But 50000/- was already adjusted in AY 24-25 .So , should I enter 0 for AY 22-23 & 23-24 in CFLin AY 25-26 to eliminate the mistake of taking benefit of adjustments twice . Thanks in advance
To use Schedule CFL year-on-year in ITR forms, report unadjusted capital losses from previous years. Ensure the return is filed before the due date to carry forward losses. In Schedule CFL, enter details of losses carried forward from earlier years. For the current year, losses should first be set off against the current year’s income using Schedule CYLA. Any remaining losses can then be carried forward using Schedule CFL. Accurate reporting in Schedule CFL is crucial for future tax adjustments.
You can use the Schedule CFL (Carry Forward of Losses) to report and track your previous years’ losses that are carried forward for set-off against future income. Each year, update the schedule with unadjusted losses to ensure accurate carry-forward and compliance.
