Losses incurred in a particular financial year must be reported when filing an ITR in order to be carried forward to the next financial year and offset against future profits of specific income heads.
Steps to report brought forward losses on Quicko
- In the Filing tab, navigate to Additional Details
- Tap on Manage in the tab of Brought Forward Losses
Here there are two ways to add BFL on Quicko
1. Autofill Feature
(This feature will directly fetch your details of the Salary income from the income tax portal)
- Tap on Autofill > Continue
- Select the method to connect with your ITD account > Continue
- Tap on Add Manually
- Select the Assessment Year where you have brought forward losses
- Enter original filing ITR date > Continue
- Enter the loss details > save
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)
Read more about Set Off and Carry Forward of Losses under the Income Tax Act.