Schedule CYLA: Statement of income after set off of current year's losses
Schedule CYLA: Statement of income after set off of current year's losses
If the net result of computation under the head ‘income from house property’,
‘profits and gains from business or profession’ and ‘income from other sources’ is a
loss figure,
please fill up the figure of loss in the first row under the respective head.
Please note that loss from speculative business or specified business cannot be set off
against income under other heads for the current year. Similarly, loss from activity of
owning and maintaining horse races cannot be set off against income under other
heads for the current year.
The positive income computed under various heads of income for the current
year should be mentioned in column (1) in the relevant row for the respective head.
Short-term capital gains or long-term capital gains chargeable to tax at various rates
should be mentioned in separate rows as indicated in the Schedule.
The losses mentioned in row (i) can be set off against positive incomes
mentioned under other heads in column (1) in accordance with the provisions of section
71. In a case where loss is computed under the head “income from house property”,
such loss can be set off against income under any other head only to the extent it does
not exceed rupees two lakh.
The amount of current year loss which is set off against the income computed
under other heads should be entered into in columns 2, 3 and 4, in the relevant rows.
In column (5), please mention the net income remaining after set off of current
year losses, under the respective heads of income, in the relevant rows.
In row (xvii), please mention the total of current year losses set off out of the
columns (2), (3) and (4).
In row (xviii), please mention the remaining loss under various heads i.e. house
property loss at column (2), business loss at column (3) and loss from other sources at
column (4).
The unabsorbed losses allowed to be carried forward out of this should be taken
to at row xiii of Schedule CFL for carry forward to future years
See the example below to understand Schedule CYLA
Here The losses from Other source of income set off against income from House property
How it will reflect is ITR form -
Note : - Statement of income after set off of unabsorbed loss brought forward from earlier years will come in Schedule BFLA
Related Articles
Income Tax || Auditor Information
Navigate to "Transactions" → "Auditor Information". Enter Tax Audit Information: Financial Statement and Audit Report: Choose the format for Balance Sheet and Profit & Loss account (Vertical or Horizontal). Specify whether Tax Audit under section ...Income Tax || Advance Tax
Advance Tax Summary → Advance tax is the payment of income tax in installments throughout the financial year based on an estimated income. Rather than a lump sum payment at the end of the year, taxpayers are required to remit their tax liabilities ...Income Tax || Cash Flow Statement preparation procedure.
Cash Flow Statement preparation procedure. To generate cash flow statement you have to enter trial balance first. You can manually add trial balance in the software or import it from tally/busy/excel. (a) To import trial balance form tally Click ...Income Tax Auditor manual updation
If the client is using Spectrum software but wishes to update only the Income Tax Auditor, then: To resolve the error, please follow the steps provided below: Step 1: Navigate to the root location of the software, which can be either "C:\Program ...Income Tax || How to File Response notice u/s 148
Response notice u/s 148 Section 148 of the Income Tax Act outlines the procedure for issuing a notice when income has escaped assessment. Here's a simplified breakdown: Issue of Notice for Escaped Income Assessment - Section 148: Notice Requirement: ...