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Loss must carry forward in subsequent years ?

353 views 3 replies

NagarajanS

Others

41 Points Joined July 2013

Hi Experts,

Query - Is it mandatory to carry forward business loss from previous year ?

Last year I filed ITR-4 with 30K as business loss, this year also I am going to file ITR-4 with minimal loss (1K). My query is, is it mandatory to carry forward that 30K business loss from previous year to this year ?

Thanks

nagarajan

Replies (3)

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

if you have filed return within due date then i suggest you to carry forward the losses. it is for your benefit only. suppose if you have income in subsequent yrs of 3lakhs. then you will reqd to pay tax on 1lakh as per current slab with no deduction in 80c. now if you have carried forward your loss then you can adjust such loss against this income and your tax liab. will get reduced.

sieaus

BBB

125 Points Joined July 2011

what if 10k has been set off last year and remaining 20k shows as loss to be carry forwrad for future in that year itr. now, how to show the remaining loss 20k in itr for this year.