Query on income tax

I think the company can set-off its previous year's carried forward loss even if current year's return is filed beyond the due date.

 

Dear manoj you can take the benefit of losses of those years whose itr were filled by you before due date. In this year when you file your return mention in brought forward losses schdule the losses and the dates on which you have filled your return. It will give the benifit of the same automaticly in current year. I suggest you to file your return before due date as you are loss incurring company. regards to you

Whether the business has incurred loss or profit during the previous year,an individual must file his returns with ITD in the following assessment year to claim the setoff and carry forward of losses.

Only current year loss can't be carried forward if the return has not been filed by the due date u/s 139(1).

Therefore, there is no restriction on carried forward of the business lossess which has been filed on due time and set off thereon.

 

agreed with pradeep gupta answer

Rightly said by Pradeep gupta.

Sorry Shaktiman,

As you had not filed timely return, so you are not eligible for set off of brought forward business losses. Have a look at other past brought forward losses upto earlier 8 years, if return was timely filed.