If you have incurred losses during the financial year, you need to report them while filing your Income Tax Return. You can then carry forward these losses to the next financial years and set it off against the future profits of certain income heads.
Here's how you can report brought forward losses on Quicko:
- Navigate to Additional Details Tab
- Click on Brought forward losses and add
- House property loss under HP Loss
- Loss from sale of capital assets under CG Loss as Short Term or Long Term
- Loss from Business / Profession under B&P Loss
- Intraday losses are classified under Speculative Loss
- F&O losses are classified under Non-Speculative Loss
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