Belated return and c/f of loss

This query is : Resolved

CA JAYESH RELKAR (Querist)
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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??

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

CA JAYESH RELKAR

CA JAYESH RELKAR (Querist)
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11 October 2013 Thank you Sir, but can u give me reference/section/rule to substantiate your answer.. thanks a lot

CA Pallav Singhania

CA Pallav Singhania (Expert)
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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...

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

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CA Pallav Singhania

CA Pallav Singhania (Expert)
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12 October 2013 Thank you Sir for the correction...

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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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Belated return and c/f of loss

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