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How to Add Previous Years’ Losses to your Income Tax Return on ClearTax
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 ‘Advance options’.
Step 3: A window will pop up. Click on the ‘Loss Summary’ from the options.
Step 4: Click on ‘Add Previous Year Loss’ to enter the details of brought forward losses. You can also add details of unabsorbed depreciation by clicking on ‘Add Previous Year Depreciation Loss’.
Step 5: Once you click on ‘Add Previous year loss’, select the assessment year and loss category from the dropdown menu. Enter the loss amount in negative value by prefixing a ‘-’.
Step 6: All your losses will be saved and listed in your profile. Then, you will have to enter the filing dates, i.e the date on which you filed your return and declared these losses. Once done, click on ‘Save’.
Then, click on ‘Go to Next’ button placed on the right-hand upper corner of the page.
Step 11: Then, you will have to enter your Aadhaar details and your bank account and proceed to e-filing.
Step 12: Ensure that the details entered by you are correct. You can also see the summary of the details entered and e-file your tax returns in minutes.
Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.
Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.
CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.
Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.
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