Here is the procedure to add previous years’ losses in your IT return for the current assessment year.
Step 1: Log in to your account on www.cleartax.in.
Step 2: Under ‘My Account’, click on the ‘My Tax Returns’ option.
Step 7: Taxpayers can click on ‘Add Previous Year Loss’ and enter the details of their brought forward loss. Others can click on the ‘Add Previous Year Depreciation Loss’ if they have an unabsorbed depreciation.
Step 8: Once you click on ‘Add Previous year loss’, select the assessment year and loss category from the dropdown menu appearing the dialogue box. Enter the loss amount in negative value by prefixing a ‘-’. Click on the ‘Save’ button to save all the information you entered.
Step 10: All your losses will be saved and listed in your profile. Then, you will have to enter the filing dates for loss set-off in previous years. The default filing date will be taken as the due date of filing tax returns of the respective assessment year.
Step 11: Then, you will have to enter your Aadhaar details and your bank account and proceed to e-filing.