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.
