business loss set off

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kapil jain (Querist)

15 March 2009 hi all
i havv a question if any body can answered pls reply
Q. if some one has business loss and he want to set off and carry forward for next year he has to file before 30th september and if he dont file the loss would be dead and in case of privious caarry forward loss what is the procedure can he setoff te loss if e dont file?
regards and thanks
kapil jain
mba (finance and marketing)

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)

15 March 2009 If previous return file ontime, then he can adjust the BF losses with current year. It does not matter for setoff whether he filed ITR on time or not. On time filing of ITR is for the purpose of carry forward of losses only.

C A GROUP COACHING

C A GROUP COACHING (Expert)

27 March 2009 Above Opinion stands correct incase of Loss purely from Business activity, But incase of Depreciation loss C/fd Even if return is filed late You can C/fd loss for that year

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