Brought fwd loss / carried fwd loss
This query is : Resolved
CA JAYESH RELKAR
(Querist)
17 December 2018
DEAR SIR,
FACTS :
MR. A HAS LOSS FOR FY 2014-15. HE HAS FILED RETURN FOR FY 2014-15 WITHIN DUE DATE.
HE HAS NOT FILED RETURN FOR FY 2015-16, 16-17 TILL DATE.
QUERY :
CAN HE BROUGHT FORWARD LOSS OF FY 2014-15 AND SET OFF AGAINST PROFIT OF FY 2017-18?
FACTS :
MR. A HAS LOSS FOR FY 2014-15. HE HAS FILED RETURN FOR FY 2014-15 WITHIN DUE DATE.
HE HAS NOT FILED RETURN FOR FY 2015-16, 16-17 TILL DATE.
QUERY :
CAN HE BROUGHT FORWARD LOSS OF FY 2014-15 AND SET OFF AGAINST PROFIT OF FY 2017-18?
CA R SEETHARAMAN
(Expert)
17 December 2018
No, he can't since return not filed for 2015-16 and 2016-17.
Nikhil Kaushik
(Expert)
17 December 2018
not sure if that is true. The only requirement for carry forward of loss is to file the loss return in time. Those losses do not extinguish if the subsequent returns are not filed. Would love to see what others opine on this.
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