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?
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.
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
Sorry my business is a partnership firm. Then what is the due date for filing the return in case of loss only, no income received?
If so, last date, this year, was 7th Sep, which is already over.
In that case, the due date was 7th September it means now you can not carry forward the losses which was occured in previous year
The due date of non tax audit assessee was 7th sept and hence in that case loss cannot be c/f.
I am totally agreed with Mr Manish Jain in ur case
CAclubindia
