Carried forward due to filing of return after due date

This query is : Open

MURUGES (Querist)
Follow

22 June 2018 I have filed return for my company after due date. I am having a business loss of Rs.56255/- during the AY 2017-18. Due to late filing of return i can not able to carried forward the above loss. But at the time of filing of income tax return the loss carried forward to the the next year was automatically displayed in my return. I cannot able to make correction in the field. Now i am received a notice u/s 143(1)(a) of the Income tax act with error descripttion "In schedule Part BTI, Taxpayer is carrying forward current year loss which is not allowable as the return is filed after the due date Rs.56,255/-" Please suggest me where to disallow the loss in ITR for not carried forward

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

22 June 2018 there is no procedure for automatic reflection of carry forward of losses. You can easily amend the same. the loss won't be allowed as carry forward.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

22 June 2018 Alternatively, choose either of the two

i) respond to the notice agreeing the mistake or

ii) keep quiet, after 30 days from the date of notice, department will pass orders with out allowing the loss carried forward by you.

Upgrade to CAclubindia Pro. Subscribe Now!

MURUGES

MURUGES (Querist)
Follow

27 June 2018 Sir,

To agreeing the mistake the system ask me to file a revised return. For which i dont know where to file the data for not to carry forward the loss.

Please help me in this issue

MURUGES

MURUGES (Querist)
Follow

27 June 2018 there is no procedure for automatic reflection of carry forward of losses. You can easily amend the same. the loss won't be allowed as carry forward.

Please help me where to file the details for amend the same