Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Loss carry forwarding

SARAN KUMAR (Accountant) (102 Points)

24 September 2015

Dear,

I have a construction company, during 2014-15 financial year we have not received any receipts as income. We have only expense of Rs.56 laks. My doubt is now September 2015, it is compulsory to file income tax return ?,When is due date?, then our loss is eligible for set off next financial year?

Reply
Follow
Share

11 Replies

CMA Poornima Madhava (CMA) (13112 Points)
Replied 24 September 2015

Though you have not received any income, income has to be accounted on accrual basis (if any). For companies, due date for filing ITR is 30th September. In case, you are at loss, then ITR has to be filed before due date in order to carry forward the loss.

Upgrade to CAclubindia Pro. Subscribe Now!

Miss Rinkal (Student) (1309 Points)
Replied 24 September 2015

The due date to file IT return is 30th September. If following mercantile basis, then income has to be recorded as per AS7. However if on cash basis then in the year of receipt. However it is mandatory to file the return before due date to claim the loss

manish jain (sr associate) (63 Points)
Replied 24 September 2015

The due date of filing of Income tax return is 30th September 2015, in your case also you should file tax return before the due date. It is important to mention that loss can be set off only in case of the assesee filed its return before the due date for the said previous year.

Regards

Manish Jain

manishjaincfa @ gmail.com

faisal (adffadf) (23 Points)
Replied 25 September 2015

Let me correct some important points 1. Company has to maintain books of accounts under accrual system only ie no cash system. As per the applicable provisions of the Companies Act 2013. 2. Since its a company you are required to get the books of account audited by a chartered accountant and submit the audit report. 3. Then file the income tax returns before due date ie 30th Sept.