ITR - 6 - Revise return

[DEV KUMAR KOTHARI]

Income tax return ITR 6 for company. Current years business loss not shown as c/f Business loss is computed in BP sheet. A part of it set off against house property income to make HP income nil in CYLA sheet. In CYL sheet the balance business loss to be c/f is not shown. Loss under capital gain is computed and also shown as c/f in CFL sheet separately for ST and LT. Unable to understand reason for current business loss not being shown as c/f/. All sheets are validated and found Okay. In XML file also business loss c/f is not shown Is it due to some corruption of file? What is remedy: To fill in return again or some other remedy is available? Please thinsk reasons and suggest way out. What can be reasons for business loss not being shown as cf in CYL. The return is timely, there is no change in shareholding.

[DEV KUMAR KOTHARI]

In BP Shcedule at row n0. 36 there is derived figure of business loss. Yet the row 37 is required to be filled in even if there is no indome subject to Rule 7A,7B,and 7C. As there was no such income under those rules the derived amount of loss as worked out in row 36 was repeated, then only the amount was taken by system in CFL Schedule for carry forward of current loss. Clarity in languages in row no. 36 and 37 is required. In Row 37 Rule 8 sould also be covered.

AI Summary

Business loss carry forward requires explicit BP Schedule entry; otherwise the loss will not be reflected for carry forward in the return. Carry forward of current business loss in ITR 6 requires explicit completion of the designated BP Schedule entry that the form expects; merely having a derived loss in the computation row will not trigger transfer to the CFL Schedule unless the required BP field is filled (including any entries reflecting application of relevant rules), so the computed figure must be repeated into that required row to produce the XML carry forward.