if we had filed original return before due date and after that we had revised the original return than loss of eariler year is allowable in the current year and in current year there is not a loss return so does it make any difference if we revised the return but originally we had filed before due date of return?
and please mention relevant section also.
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Set off of loss in current year.
Replies (3)
Set off of loss of earlier years will be available for set off in original and revised return both.
But if current year has a loss then it will no be available for set off and carry forward.
Earlier years b/f losses you can carry forward to next year as usual.
But if current year has a loss then it will no be available for set off and carry forward.
Earlier years b/f losses you can carry forward to next year as usual.
Ok and in current year there is profit so it can be set off right.
Yes it can be set off
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