Brought forward loss for Section 80

This query is : Resolved

M P Arun (Querist)
Follow

25 September 2007 Sir,
I have a brought forward business loss for the Previous Years 2003-04 and 2004-05 totalling Rs.2.82 Lakhs and the returns for both those years were filed within the due dates of filing of returns u/s 139
But for the Previousyear 2005-06 I have not yet filed my retruns and I have a taxable business income of Rs.1.8 Lakhs.

1.Can I set off Rs.1.8 Lakhs income(P.Y.2005-06) against the brought forward loss Rs.2.82 Lakhs (earlier years duly filed)?
2.Can I carry forward(though I have not filed 2005-06 returns till date and file the returns now) the business loss of Rs.1.02 Lakhs (2.82-1.8) as the loss pertains to earlier year losses duly brought forward till 2004-05.
3.I am of the opinion that Section 80 does not restrict the carry forward of earlier year losses and also does not restrict the set off of previous brought forward losses though returns are not filed in due date for current P.Y.
Please help me

Mallidi Ramabrahmananda Reddy

Mallidi Ramabrahmananda Reddy (Expert)
Follow

26 September 2007 Your understanding of the provision of sec. 80 is correct. The requirement of furnishing the return of income within due date is for the year of loss return only but not for the year of setting of the loss.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Srikanthan S

Jayanti Visani

Vishal Dave

Ahamed Kabeer

svgovindaraju

Subscribe Now

Brought forward loss for Section 80

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA