Dear Members
If ITR not filled within due dates as per section 139 carry forward of business loss not available. I want to know is it also applicable for carry forward of unabsorbed depreciation.
sanjay singhal (CA) (987 Points)
10 March 2011Dear Members
If ITR not filled within due dates as per section 139 carry forward of business loss not available. I want to know is it also applicable for carry forward of unabsorbed depreciation.
MD.Taufique
(CA,CS)
(308 Points)
Replied 10 March 2011
If the return u/s 139 is not filled within due date prescribed by the section, then business loss would not be allowed to be carried forward.However this does not apply to losses under the head HP, further if it relates to Unabsorbed depreciation it can be carried forward even if return is not submitted in time allowed u/s 139 and it can be carried forward without any time limit.
CAclubindia
