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Set off of b/f losses

madhura (dombivli) (50 Points)

01 September 2021

if have b/f losses from P.Y. then whether it can be set off if i filed return after due date..

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Ankita Jain (CA in practice) (185 Points)
Replied 01 September 2021

Loss under the head "Income from House Property" can be carried forward even if last year ITR was filed after due date. But, if the P.Y. loss is from Business or Capital gain, it can not be brought forward if ITR was filed after due date

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madhura (dombivli) (50 Points)
Replied 01 September 2021

I want to know abt set off of b/f loss from P.Y., not abt current year losses...
if i have b/f loss of P.Y.19-20 then whether it can be set off in P.Y.20-21 if i filed the return after due date

Chetz Rao (114 Points)
Replied 01 September 2021

If loss is from house property or unabsorbed depreciation then you can set off even if you file return after due date

JGM (Knowledge Sharer) (443 Points)
Replied 01 September 2021

In my view, the requirement of filing tax return within the due date is applicable to current year's losses and not past year's losses. Hence, if there is a delay in filing tax return for PY 2020-21, the losses brought forward from PY 2019-20 should be permitted to be set off.

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