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Losses availed if assessee filed belat case of belated retur

pranjala (student) (132 Points)

18 May 2014

Hi, can assessee avail benefit of carry forward of losses if he filed belated return?

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Kishor Bhat (CA final CS executive (from Bangalore)) (1881 Points)
Replied 18 May 2014

Only Unabsorbed depreciation u/s 32(2) or loss under the head house property u/s 71B can be carry forward even if the return of income filed belatedly.

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Kishor Bhat (CA final CS executive (from Bangalore)) (1881 Points)
Replied 18 May 2014

...but belated return shud be filed within time limit mentioned u/s 139(4). However, return filed after belated period will be treated as invalid. Consequently benefit of carryforward wil be lost.