Return u/s139 (3)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 July 2010 Delayed Return file with an income but after rectification u/s 154 it is in loss .Can losses be carried forward in case of business loss?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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13 July 2010 Loss return filed belatedly cannot be carried forward even if the same become loss due to rectification.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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13 July 2010 In case of return of loss, submitted after the due date, a few losses like business loss, speculation loss, capital loss & loss from the activity of owning & maintaining race horses cannot be carried forward for future set off.

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