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Can a loss return be filed belatedly u/s 139(4)

Tax queries 3176 views 18 replies

No....the only exception being loss to be carried forward under the head IFHP u/s 71B which is not covered under section 80 read with section 139(3).

As per section 139(3) loss return can not be filed belatedly but if loss is under the head of house property then it can be filed belatedly. Yet some time ago CBDT issued circular allowing that loss return can be filed belatedly

Pl reply my query is as under:

 

Original Return of income filed in time as prescribed u/s. 139(1) with positive income, thereafter return was revised u/s. 139(5) with negative income i.e. loss. The loss can be carried forward u/s. 80 of the Act and can be set off against up coming years' income.

Question is:

1. Loss return filed by way of revised return could be considered as originally filed u/s. 139(1) of the Act.

2. Loss as shown in revised return could be carried forward for set off.

 

Kindly reply at earliest.

Original Return of income filed u/s. 139(1) with positive income. Revised return of income filed with loss. That revised return of loss could be considered loss return u/s. 139(3) and filed in cofirmity u/s. 139(1) of the Act since originsl return of income filed u/s. 139(1)  means within dure date. Can we carry forward this loss and can get set off against future income of up coming years. 


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