10 February 2010
Business loss can be carried forward to next year and can be set off against profits of any business or profession in subsequent years (upto eight assessment year) In your case if the return of income has been filled under section 139 i.e. within due date of filling return then as per given examples the loss can be setoff.
If the return of loss submitted after the due date, the delay may be condoned if a few conditions are satisfied - Circulerno. 8/2001 dt. 16.05.2001.
However even return filled after due date the depreciation can be setoff for indefinitely period
Thanks for your prompt reply, But i have one doubt. Eight Assessment year means If Loss In F.Y. 2008-2009 then claim following A.Y. A.Y. 2011-12 A.Y. 2012-13 A.Y. 2013-14 to onwards ? Please guide me.
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