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142(1) notice

Vatsal Shah (38 Points)

15 August 2017

Whether loss of AY 14-15 can be carried forward if return of AY 17-18 not filed within due date?

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (170798 Points)
Replied 15 August 2017

Yes

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RAJA P M ("Do the Right Thing...!!!") (128010 Points)
Replied 15 August 2017

Dear Dhirajlal Sir.,
He ask AY 17-18 also he not filed. If filing late return then how he claim his loss...
It mean we claim current year loses in due date....?

CA Raghavendra Chakka (Searching for job) (95 Points)
Replied 15 August 2017

If ROI is not filed with in due date under 139(1) then the losses under PGBP, speculation losses, 35 AD and losses from owning and maintinaing race horses can't be carry forward but can be set off during the same year

However losses under IHP and UNABSORBED DEPRECIATION shall be carry forward even if ROI in not filed with in due date

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (170798 Points)
Replied 15 August 2017

Originally posted by : Vatsal Shah
	Whether loss of AY 14-15 can be carried forward if return of AY 17-18 not filed within due date?

If the return of AY 2014-15 was filed u/s. 139(1)........... the loss of the year can be carried forward upto the year as specified in the section........... without any future liability of all the future returns to be filed within due date ........