CA Ashish Barthwal (Practising Chartered Accountant) (104 Points)
01 April 2015Return of AY 14-15 is filled after the due date.
While filling the return, earlier year unabsorbed depreciation losses (which are in carried forward from last returns), by mistake omitted to the mentioned.
Can in the AY 15-16, person can claim adjustment of earlier year unabsorbed depreciation
CA HAYEDAR SHAIKH
(Practice )
(622 Points)
Replied 01 April 2015
Dear Professional,
As per section 139(1) of the Income Tax Act,
Loss under the head “Profits and gains of business or profession” can be carried forward only if the return of income/loss of the year in which loss is incurred is furnished on or before the due date of furnishing the return.
Accordingly, you cannot claim the same as you have filed the return after the due date.
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