10 October 2009
There is no provision for condonation of delay in the Income Tax Act for late filing of return. You can not claim the carryforward of loss of current year but if the loss is pertaining to earlier years then it can be carried forward.
15 October 2009
delay in making refund claim as well as claim of carry forward of losses, both, can be condoned in cases where returned income is a loss, provided other conditions are satisfied. The monetary limits prescribed for condonation of delay in making refund claims, by different IT authorities, will apply to condonation of delay in cases of claim of carry forward of losses as well.
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