C/f loss & business loss

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2015 If Company Have Unabsorbed Depriciation & Business Loss for A.Y. 2009-10, 2010-11 & 2012-13 but in A.Y 2013-14 Company Earn Income so only up Income C/F are set off up to income And remaining are to be C/F but in A.Y.14-15 we are not Claim C/F and also unintentionally not disclose in Return so what can company Do?
1.Claim in Current Year i.e. F.Y.14-15 but last year return are not disclosed OR
2.Revised Return for Disclosing C/F in A.Y.2014-15 Origional Return?

Thanks for Advance

CA John Abraham Austin ACA

CA John Abraham Austin ACA (Expert)
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08 July 2015 You will have to revise the return of income.

Because- Total Income of a PY=
GTI - Loss from Current PY (Less) C/f losses.

If fails to set off the c/f income, it would be difficult for you to stand before the Assessing Officer for claiming the carry forward in the subsequent year(s).

In my opinion, you should revise the PY- 13-14's ROI and claim it that year itself.