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 ‘My Tax Returns’ option.

Step 3: Click on ‘Continue Filing’ to start filing your income tax returns by filling up personal and salary details.

Step 4: Click on the ‘My Account’ tab and select the ‘Advanced Options’ tab.

Step 5: A window will pop up. Click on the ‘Advanced Options’ on the pop-up window.

Step 6: Select the ‘Loss Summary’ option available on the pop-up window.

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 9: Click on the ‘Add Previous Year Loss’ button to add more losses from other years. When you are done adding losses, you can click on the ‘Go To Next’ button to move to the next step.

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.

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 just 7 minutes.

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