Belated return and c/f of loss
This query is : Resolved
11 October 2013
if assessee has sustained loss u/h "income from other sources" and filed belated return, then can this loss (assuming could not be set off in the current year against any other head) be carried forward to the next year?? The query arises since section 80 says that loss incurred u/s 72 / 73(2) / 74(1)&(3) / 74A returned shall be filed within due date u/s 139(1. I think it will be c/f... is my view correct??
11 October 2013
Unutilised loss under the head ' income from other sources' is not allowed to Carry forward IRRESPECTIVE OF THE DATE OF FILING of the income tax return.
11 October 2013
Thank you Sir, but can u give me reference/section/rule to substantiate your answer.. thanks a lot
11 October 2013
As per Section 71 of the IT Act,1961 Unutilised loss Under IOS not allowed for Carry Forward...
https://wirc-icai.org/wirc_referencer/Income%20Tax%20&%20Wealth%20Tax/Set%20Off%20And%20Carry%20Forward%20of%20Losses.htm
Refer Serial No. 8 and Section 71...
https://wirc-icai.org/wirc_referencer/Income%20Tax%20&%20Wealth%20Tax/Set%20Off%20And%20Carry%20Forward%20of%20Losses.htm
Refer Serial No. 8 and Section 71...
12 October 2013
71 is not the concerned section. No section in the act to set off the referred loss other than section 74A.
Hence can't be c/fd for set off.
Hence can't be c/fd for set off.
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12 October 2013
Thank you Sir for the correction...
12 October 2013
Yes sec 74A is applicable and it will not be allowed to be c/f in this case.
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