can loss be carried forward if return filled 139(1) without loss
subsiquently filled revised return with loss
can such loss be carry forward
dharmik vadgama (Article) (145 Points)
03 April 2015can loss be carried forward if return filled 139(1) without loss
subsiquently filled revised return with loss
can such loss be carry forward
Shishir Nayak
((Expert))
(369 Points)
Replied 03 April 2015
Section 157 of the Income Tax (IT) Act, 1961, states that there are two conditions to be satisfied before loss is allowed to be carried forward. First, the return of loss must be submitted on or before the due date. Second, the loss has been determined by the assessing officer (AO) The AO needs to notify the assessee by an order in writing the amount computed by him which the assessee is entitled to carry forward.
According to Section 80 of the IT Act, carryforward is allowed only when such loss has been determined in pursuance of return of loss submitted by the assessee on or before due date for filing return prescribed under Section 139(1) of the IT Act.
However, loss under, ‘Income from house property,' ‘Unabsorbed depreciation', ‘Capital expenditure on scientific research', and ‘Family planning expenditure' can be carried forward even if the return is not filed within the due date mentioned under Section 139(1).
Vivek Venkataram
(Just cleared CS(441/800) now C.A Final Attempt in May 2015)
(772 Points)
Replied 03 April 2015
katik aggarwal
(doing practice)
(35 Points)
Replied 04 April 2015
katik aggarwal
(doing practice)
(35 Points)
Replied 04 April 2015
seshadev behera
(student)
(22 Points)
Replied 04 April 2015
CA Kanj Goel
(Division Manager)
(372 Points)
Replied 04 April 2015
katik aggarwal
(doing practice)
(35 Points)
Replied 04 April 2015
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 05 April 2015
vishal
(Chartered Accountant)
(82 Points)
Replied 25 August 2015
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)