Binod (Student CA Final ) (386 Points)
18 February 2014Hello friends
I have busines loss of 100,000 of last year, i filled return last year as per section 139(1) but due to some problem we are unable to file return this year in time, now my question is that can we eligible to carry forward the above loss?
CA Saroj Kumar
(Keen to learn something new every moments)
(2588 Points)
Replied 18 February 2014
Yes dear u can carry forward the losses bcs there is reuirement that Income Tax return should be filled in time for the year in which losses were incurred and as per ur information the losses were incurred in previous year and correspondingly u have filled return in time. Hence u dont have to worry about it.
U can carry the losses of previous year up to Max 8 Year.
Hope U got clarified.
Regards
Spread Knwoledge to get Knowledge.
sanchit
(service)
(53 Points)
Replied 18 February 2014
"UNABSORBED DEPRICIATION" INCLUDED IN SUCH BUSINESS LOSS CAN BE CARRY FORWARD TO UNLIMITED YEARS.
Ramanuj
(Accountant.)
(834 Points)
Replied 19 February 2014
Dear Binod
Yes you can carry forward of loss because you have file on time previous years. you can file retun as on 31.3.2014
thanks
PiyushAgrawal
(Chartered acooutant in practice)
(575 Points)
Replied 19 February 2014
Hemanshu Rohitkumar Bakshi
(Credit Controller)
(197 Points)
Replied 19 February 2014
Agreed with Saroj Kumar
Rahul jain
(LEARNING & TEACHING)
(435 Points)
Replied 19 February 2014
agreed with all but mr. binod u can setoff ur business loss with only business income in remining years.
CA NITUL MEHTA
(KPMG-Senior Consultant-International Tax )
(236 Points)
Replied 20 February 2014
however DTC bill does not look optimistic in this cases
CA NITUL MEHTA
(KPMG-Senior Consultant-International Tax )
(236 Points)
Replied 20 February 2014
however DTC bill does not look optimistic in this cases
Rahul jain
(LEARNING & TEACHING)
(435 Points)
Replied 20 February 2014
RESPECTED NITUL SIR, WILL U PLZ HEIGHLIGHT SOME IMPORTANT POINTS OF DTC...
AND WILL THE BILL WILL BE PASSED IN NEXT FINANCIAL YEAR?
CA Vap Patel
(Practice)
(1205 Points)
Replied 22 February 2014
In my Opinion you can not carry forward the loss!!!!
Read Sec 139(3). Loss Return
As per Sec 139(3), Any person who has systained loss under the head " Profit And Gain of Business" or " Capital Gain" in any previous year and claims that such loss should be carry forward under sc 72,73,74 or 74A shall furnish a return of loss within the time allowed u/s 139(1).Any return so filled under this section shall be treated as a return filed u/s 139(1) and all provision of the act shall apply accordingly.
Hence you need to file your return within time allowed u/s 139(1) which is 31st july.
However you can file belated return, In that case the assessee may seek remady by making an application to CBDT for relaxation of time to carry forward the loss for setoff.Circular No 8/2001 dated 16.05.2001
CAclubindia
