loss return not filled

This query is : Resolved

CA. Nayna Patel (Querist)
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08 May 2010 hi experts!! one newly formed partnership firm has not filled 1 st return i.e.AY 2009-10 & they have huge loss to carry forward . now what to do ??
& return filling of firm is compulsory e-filling or physically accepted by an department

CA Shailesh +91 9393926464

CA Shailesh +91 9393926464 (Expert)
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09 May 2010 As you are aware, business losses cannot be carried forward when the IT Return is not filed on or before the due date.

E-filing is not mandatory.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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09 May 2010 AGREE THE LOSS CANT BE CARRIED FORWARD FOR ADJUSTMENT AGAINST FUTURE PROFITS.
TO AVAIL THIS BENEFIT YOU HAD TO FILE THE RETURN U/S 139(1) WITHIN DUE DATE.

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