C/f loss

This query is : Resolved

BHATT BHAGYASHREE B. (Querist)
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10 January 2013 If the Business Loss of assessee in F.Y. 10-11 is 15000. He has filled return in time. So, such loss can be c/f. But, if he failed to filled return in time in F.Y. 11-12 & the loss of F.Y. 10-11 is still unadjusted. So, same can be c/f in F.Y. 11-12 even if F.Y. 11-12 return is not in time?

CA Neha Chauhan

CA Neha Chauhan (Expert)
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10 January 2013 Dear Bhagyashree,

He can c/f the loss of F.Y 10-11 to F.Y:11-12 and can set off the same in F.Y: 11-12...as the condition for c/f and set off of loss is that return must be filed within specified due date u/s 139(1) in case of loss year..and not of Set off year...as in your case return for F.Y: 2010-11 is filed in due date you can set off the same in F.Y: 2011-12.

Regards,
Neha Chauhan