CA Himanshu Munot (Professional consultant) (106 Points)
29 May 2010plz help,
One of my client had delayed in filing of income tax return U/s 139 in previous year, he had business losses in that financial year which was purely based on Depreciation amount ( say 90 % ) in that financial year, can he carry forward the loss amount in next financial year, if yes then for how many years.
thanks in advance
Anand
(Chartred Accountant)
(435 Points)
Replied 29 May 2010
Yes your client can carry forward the loss but only to the extent of unabsorbed depreciation which according to you is 90% .This loss can be carried forward to any number of years till it is fully set off against future incomes.
Kumar
(Article)
(922 Points)
Replied 30 May 2010
Yes u can carry forward the loss as SEC 80 is not applicable in case of unabsorbed Depreciation.
CA Himanshu Munot
(Professional consultant)
(106 Points)
Replied 31 May 2010
Thanks a lot friends for your valuable replies
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