While filing return (Audited) for AY 2009-10, a proprietor skipped to set off business loss for AY 2008-09. Now can he set off his business loss for AY 2008-09, next year while filing return for AY 2010-11.
Please guide.
Shamita (Learner) (410 Points)
12 November 2009While filing return (Audited) for AY 2009-10, a proprietor skipped to set off business loss for AY 2008-09. Now can he set off his business loss for AY 2008-09, next year while filing return for AY 2010-11.
Please guide.
CA Vasudha
(CA)
(47 Points)
Replied 12 November 2009
Shamita, i dont think the assessee will be allowed to set off this loss in the succeeding AY ie 2010-11 in this case, if he has not set off against business profit of this AY, as per the decision in BCS Kartar Chit Fund & Finance Co. Pvt Ltd.
Parul Negi
( CA Final Student)
(175 Points)
Replied 12 November 2009
i think it wont be allowed in next assessment year.
The losses must be setoff against the income of the immediately succeeding year(s). and if not done so ( if the income was available) then loss to the extent of income otherwise available can not be set pff in later years.
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