Losses can be carried forwarded??

643 views 2 replies

Please someone tell me about clarification on Decisions of Various State HC decisions.

Whether the losses incurred in the current Financial year or previous year losses can be carrieed forward for succeeding Assessment year income tax year(i.e., 2015-16) based on "DECISION GIVEN by GUJARAT HIGH COURT"

and also those returns may be considered as returns filed within the due date or after the due date..??

If we are filing return with interest u/s. 234A means yourself surrendering to Department as filing return after due dtae..??

Replies (2)

Yes,Hon'ble Gujarat HC very well clarified that the due date extension will be for all purposes like C/f of losses , claim of deduction u/s 80IA,IB,IC etc...except for Interest u/s 234A.....

Although the Gujrat High court, Andhra Pradesh High Cournt and Bombay High Court have given decision against the CBDT, the CBDT has not yet come out with any notification relating to extention of due date of return and thus carry forward of losses and other due benefits to the assessee.

 

I would suggest to file a correct return of income after getting your accounts audited under Income Tax Act, 1961.

 

In case the same is not possible now for you, you can; for now; file a near about correct return of income claiming carry forward of losses. Thereafer get your accounts audited and pay self assessment tax based on such tax audit report.

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