Carry forward and set off losses
This query is : Resolved
01 August 2014
DEAR ALL,
I AM CURRENTLY FACING A PROBLEM IN WHICH I HAVE NOT FILED THE RETURN FOR A.Y. 2014-15 WITH IN DUE DATE AND ASSESSEE'S STATUS IS OF PARTNERSHIP FIRM. NOW ASSESSEE HAD LOSSES IN F.Y. 2013-2014 AS WELL AS IN THE LAST TWO FINANCIAL YEARS.
ACCORDING TO THE PROVISIONS OF THE INCOME TAX ACT,1961 ASSESSEE IS NOT ABLE TO CARRY FORWARD THE LOSSES.
IS THERE A WAY THAT ASSESSEE CAN STILL CARRY FORWARD THE LOSSES OF CURRENT YEAR AS WELL AS PAST YEARS.
THANKS IN ADVANCE.
REGARDS.
I AM CURRENTLY FACING A PROBLEM IN WHICH I HAVE NOT FILED THE RETURN FOR A.Y. 2014-15 WITH IN DUE DATE AND ASSESSEE'S STATUS IS OF PARTNERSHIP FIRM. NOW ASSESSEE HAD LOSSES IN F.Y. 2013-2014 AS WELL AS IN THE LAST TWO FINANCIAL YEARS.
ACCORDING TO THE PROVISIONS OF THE INCOME TAX ACT,1961 ASSESSEE IS NOT ABLE TO CARRY FORWARD THE LOSSES.
IS THERE A WAY THAT ASSESSEE CAN STILL CARRY FORWARD THE LOSSES OF CURRENT YEAR AS WELL AS PAST YEARS.
THANKS IN ADVANCE.
REGARDS.
Nikhil Kaushik
(Expert)
02 August 2014
is the firm's business covered under 44AD "eligible business"?
Rupesh Jain
(Expert)
02 August 2014
as per law return to be filed by every partner ship firm. if you not file the return then you cannot carry forward the losses in next years. if your business liable to audit u/s 44AB then you get audit report and last date for return filing will 30.9.2014. then you can carry forward the current year loss.
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