Set-off and carry-forward are concepts that help us grasp the tax system's flexibility.

Losses incurred in a particular financial year need to be declared while filing an ITR so as to be able to carry forward them to the next financial year and set them off against the future income.

You add your brought-forward losses on Quicko in 2 ways:

Prefill (Recommended)

Quicko is an authorized ERI. With your permission, our product fetches details like taxpayer information, income details, tax credits & bank accounts from your ITD account.

  • Navigate to Filing > ADDITIONAL DETAILS from the side nav
  • Click on Authorize
  • Select a method to connect your ITD account 
    • OTP on Aadhar Registered Mobile Number > Enter the OTP & click on Verify
    • ITD Portal CredentialsEnter the credentials & click on Authorize

Make sure you enable Aadhaar OTP login.

Add Manually

  • Navigate to Filing > ADDITIONAL DETAILS from the side nav
  • Click on Brought forward losses
  • Select the Assessment Year where you have brought forward losses and add details like:
      • Original Filing Date
      • House Property Loss
      • Loss in Capital Gains- Short-Term and Long-Term
      • Loss in Business & Profession- Speculative and Non-Speculative

Loss under any head of income except Income from House Property cannot be carried forward to future years if the ITR has not been filed within the due date as per Sec 139(1).