Additional question for ensuring the compliance under Section 92E

from Taxmann Review Bulletin | Income Tax Return Forms - Analysis | April 2021

Reference of distribution of accumulated loss by Investment fund has been removed

30. No need to bifurcate carried forward losses into Pass through losses and Normal losses

[ITR 2, 3, 5 & 6]

Losses carried forward by an assessee has same treatment under the Income-tax Act even if they are in nature of pass-through losses. Old ITR forms bifurcated the losses under the head House property and Capital gains in Schedule CFL between pass-through losses and Normal losses. However, ITR utilities issued by the department does not require any such bifurcation. To bring the ITR forms in line with the ITR utilities issued by department, ITR forms notified for the assessment year 2021-2022 has removed such bifurcation and now consolidated figure of such losses is to be disclosed.

Additional question for ensuring the compliance under Section 92E

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Reference of distribution of accumulated loss by Investment fund has been removed

30. No need to bifurcate carried forward losses into Pass through losses and Normal losses

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This article is from:

Taxmann Review Bulletin | Income Tax Return Forms - Analysis | April 2021