Carry forward of loss

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 November 2012 An assessee who is liable to get his accounts audited under Section 44AB files the return on income on 01.10.2012. The asseseee returns a net loss of about 80 lakhs. Whether he will be entititled to carryforward the loss for future assessment years. Please calrify in detail citing case law/circular, if any.

Thanks in advance

CA Pooja Agarwal

CA Pooja Agarwal (Expert)
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08 November 2012 where the assessee has some capital loss or loss from business or profession to be carried forward he should file his return of income within the due date as prescribed u/s 139(1). As per section 139(3), no loss shall be allowed to be carried forward under the head Business or Profession or under the head Capital Gain unless the return is filed within the due date as mentioned in section 139(1).

CA Pooja Agarwal

CA Pooja Agarwal (Expert)
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08 November 2012 if the assesseee is the company the due date is 30 th nov otherwise for other business entity it is 30th september.

if you fall in the other category, you cannot carry forward your losses

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CA Manish

CA Manish (Expert)
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08 November 2012 30th Nov is for whom the Transfer pricing is applicable otherwise it is 30th Sep.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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08 November 2012 I disagree with CA Pooja in one matter. due date for company is also 30th September
when transfer pricing is applicable on company then only it can file return till 30th Nov

Querist : Anonymous

Querist : Anonymous (Querist)

08 November 2012 Where 30th September, 2012 is Sunday whether it will make any difference

CA Pooja Agarwal

CA Pooja Agarwal (Expert)
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08 November 2012 yes my mistake,its 30th sept