Surinder
Finance Executive
[ Scorecard : 38]
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Posted On 04 December 2009 at 01:46
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S. 80 requires that if loss has to be carried forward it has to be determined in pursuance of a return filed u/s 139(3). The words “within the time allowed u/s 139(1)” have been deleted from S. 80 long back.
S. 139(3) requires that if a person has sustained loss and claims that loss to be carried forward, may furnish a return of loss, within the time allowed u/s 139(1), and the provisions of Act shall apply as if it was filed u/s 139(1).
Section 139(4) requires that any person who has not furnished a return within the time allowed u/s 139(1), or within the time allowed in the notice u/s 142(1), may furnish the return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Let us examine the word “a return”: -
The word “a return” used in S. 139(4) does not specifically exclude the return filed u/s 139(3).
The word “a return” in its large connotation also includes the loss return u/s 139(3).
It can also be said that the word “a return” here means any return, which is supposed to be filed within the time allowed u/s 139(1), or within the time allowed in the notice u/s 142(1).
Since loss return u/s 139(3) is required to be filed within the time allowed u/s 139(1), and S. 139(4) provides for belated filing of a return not filed u/s 139(1) or notice u/s 142(1), it can be said that loss return u/s 139(3) is also file able belatedly u/s 139(4).
Please comment.
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Aditya Maheshwari
CA in Practice
[ Scorecard : 16889]
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Posted On 04 December 2009 at 13:04
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No because Section 139(3) requires the return to be filed within the time limit specified in section 139(1) and does not mention anywhere that the same can be belatedly filed u/s 139(4). So loss return can be filed belatedly but the loss cannot be carried forward to future years to be set off against future income.
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Hema
CA- FINAL
[ Scorecard : 99]
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Posted On 04 December 2009 at 14:43
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ya belated filling of return of loss is allowed but its carry forward is not allowed i.e it can not be set off in next year the same can be set off against current year income from any other source
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P-A-W-A-N
Student
[ Scorecard : 506]
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Posted On 04 December 2009 at 14:53
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If there is loss of house property income Head then there is provision in act that the house property loss carried forward even return is belated
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Aditya Maheshwari
CA in Practice
[ Scorecard : 16889]
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Posted On 04 December 2009 at 15:05
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yes loss from house property and depreciation loss can carried forward even if return filed late as the same are not listed in Section 139(3)
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Trinath (CA FINAL)
student
[ Scorecard : 2461]
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Posted On 04 December 2009 at 15:36
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| Originally posted by :Hema |
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ya belated filling of return of loss is allowed but its carry forward is not allowed i.e it can not be set off in next year the same can be set off against current year income from any other source |
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Harshal
Article Assistant
[ Scorecard : 178]
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Posted On 04 December 2009 at 15:38
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Opinion of Aditya is perfect...
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Anup rathi
CA FINAL
[ Scorecard : 262]
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Posted On 04 December 2009 at 15:44
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Yes Loss return can b filed belatedly u/s 139(4)
but 1 has 2 kip in mind dat loss will b allowed 2 b set off only wen return is filed
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praveen keshav
student
[ Scorecard : 325]
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Posted On 04 December 2009 at 15:53
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yes loss can be carried forward only in certain cases..................
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C.Balaji
Student
[ Scorecard : 1616]
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Posted On 04 December 2009 at 17:09
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loss return must be filed within time to carry forward those loss....loss from HP and Unabsorbed depn can be carried forward even if the return is not filed within time but it should be filed....
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