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

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


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