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Losses AY 2016-17

Pankaj Arora (Learner) (3134 Points)

01 May 2018

Hi...
In one of our group company we didn't carry forward losses of AY 2016-17 to AY 2017-18, please advise we will be allowed 2016-17 losses or not?

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177824 Points)
Replied 01 May 2018

You can revise the return of AY 2017-18, upto March, 2019.

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CA Shivam Arora (Chartered Accountant) (2414 Points)
Replied 01 May 2018

You can carry forward lossed only when you file the return within due date. Since this was not done so you cannot claim the loss. However, condonation can be filed as per circular 9/2015 if return was not filed. I dont know whether there is any condonation for your case or not.

CA Pankaj Jain (Director) (60 Points)
Replied 01 May 2018

If you didn't carried it forward in pr yr, it can't be brought forward subsequently.

Pankaj Arora (Learner) (3134 Points)
Replied 01 May 2018

@ Shivam, we had filed return for the AY 16-17 as well as AY 17-18, we had also claimed losses in the return filed for the AY 16-17, but we didn't shown under the ITR of AY 17-18 as block forward losses.