Harjit Singh (Account Executive) (45 Points)
28 September 2015
Gagan Deep Singh
(CHARTERED ACCOUNTANT)
(1190 Points)
Replied 29 September 2015
Under Income Tax Act, you can carried forward the business loss only if return is filed before the due date of filing of tax return and return can be filed only after filing of tax audit report,if applicable.
In nutshell if tax audit is done after 30.09.2015, then you will not be able to carry forward the loss.
Miss Rinkal
(Student)
(1309 Points)
Replied 29 September 2015
Please elaborate your query.
Its confusing as to what are you asking and in what respect are you asking to get books audited?
Are you claiming low profits u/s 44AD or 44AE ?
Are you talking about financial year or assessment year?
What was your turnover, profits and other incomes in 2013-14?
Why do you want to carry forward and not set off against current years gains?
Correct me if I m wrong? You have a loss in FY 2013-14 and you want to carry forward this loss?
Now if this statement is correct then please specify whether have you filed your return before or on the due date I.e if under tax audit then on 30th sept or non tax audit then 31st July. (30th Nov in case of tax audit as due date got extended that year) If return was not filed within the due date then loss could not be carried forward.
Harjit Singh
(Account Executive)
(45 Points)
Replied 29 September 2015
CAclubindia
