C/f of loss

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 December 2011 Dear Sir,
Pls clear my doubt
2007-08 Loss 5 Lacs (Return filled on time)
2008-09 Loss 4 Lacs (-------do--------)
200-10 Loss 1 Lacs (Ret. nt filled on time
2010-11 Profit 7 Lacs

1)Loss of 9 Lacs (5+4) can be c/f & S/f against profit of 7 Lacs ????
2) Loss of 1 Lacs cant be C/f
3) Unabsorbed Dep amt included in loss of 1 Lacs can be C/f
Pls clarify
Amit

CA Deepak S

CA Deepak S (Expert)
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29 December 2011 Yes, your views are correct. The assessee is eligible to carry forward unabsorbed depreciation even if the return of loss is not filed within the time limit stipulated under section 139(1) of the Act

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 December 2011 Each assessment year is a separate year and treated separately for the purpose of carry forward of losses.

Loss of Rs. 5 lakhs for 07-08 can be set off against profit of Rs. 9 lakhs of 10-11.

Loss of Rs. 4 lakhs for 08-09 can be set off against profit of Rs. 9 lakhs of 10-11.

Business loss of 09-10 cannot be carried forward. [Section 80 read with Section 139(3)]

Unabsorbed depreciation can be carried forward even though the return has not been filed in time.

Further unabsorbed depreciation can be carried forward indefinately.

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