c/f of business loss (share trading loss)
This query is : Resolved
axay b kelawala
(Querist)
06 February 2013
dear all.
my friend has incurred loss of around rs. 80 lakh from shares trading business in fy 2011-12.
his turn over of shares for fy 2011-12 is around rs. 250lakh.
qus.
1. whether he is liable for tax audit for fy 2011-12..
2. whether he can carry forward his business loss of rs. 80 lakh. for fy 2011-12, if he filed his income tax for fy 2011-12 today.
3. what he should do for claiming of carry forward of his business loss of rs. 80 lakh.
my friend has incurred loss of around rs. 80 lakh from shares trading business in fy 2011-12.
his turn over of shares for fy 2011-12 is around rs. 250lakh.
qus.
1. whether he is liable for tax audit for fy 2011-12..
2. whether he can carry forward his business loss of rs. 80 lakh. for fy 2011-12, if he filed his income tax for fy 2011-12 today.
3. what he should do for claiming of carry forward of his business loss of rs. 80 lakh.
CA PARAS BAFNA
(Expert)
06 February 2013
He is liable for tax audit.
.
Loss can not be c/fd now as the due date of filing the return has passed away.
.
As I wrote , it is not possible to carry forward the loss if he files his return now, but taking forward care-he should file his return.
.
.
Loss can not be c/fd now as the due date of filing the return has passed away.
.
As I wrote , it is not possible to carry forward the loss if he files his return now, but taking forward care-he should file his return.
.
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