Zen IT || Process for Feeding Setoff and Brought Forward Losses
Process for Feeding Setoff and Brought Forward Losses:
There are two options available for entering the brought forward losses in the software:
- Import from Previous Year
- Manually Enter the Amounts
1. Import from Previous Year:
Step 1:
Navigate to Transaction >> Setoff & B/F in the software.
Remove the check mark from the option 'Restrict Updation of Losses from Last Assessment Year Automatically'.
Click on the Save button to apply the changes.
Step 2:
A pop-up will appear asking, 'Whether you want to lock this data?' – Press No Button.
Step 3:
Final Steps to Update Brought Forward Losses:
- Go back to the Previous Year and generate the Computation.
- Return to the Current Year.
- The losses will now automatically appear under the Setoff & B/F head.
Note: After completing the process, click on the check mark for the option 'Restrict Updation of Losses from Last Assessment Year Automatically' to ensure that the previous year's losses do not overwrite the updated losses in the current year.2. Manually Enter the Amounts:
Step 1:
Steps to Update Losses in the Current Year:
- Navigate to Transaction >> Setoff & B/F in the software.
- Click on the check mark for the option 'Restrict Updation of Losses from Last Assessment Year Automatically' to ensure the previous year's losses do not overwrite the updated losses in the current year.
- Enter the "Date of Filing" the Return.
- Select 'Filing Within Due Date' as Yes to ensure the losses are considered in the return.
- Enter the losses related to the respective heads of income and then Click on the Save Button.
Hope This Helps.
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