Carry forward business loss
Querist : Anonymous
1) Losses can not be carried forward
2) Belated return can not be revised.
For this very reason it is always advised to file the return within due date u/s 139(1).
Querist : Anonymous
i want to know that previous losses can br carried forward or not.
Further, the Central Board of Direct Taxes (CBDT) clarified on 16 May 2001, that by virtue of power granted under Section 119(2)(b) of the IT Act, the delay in filing of loss return can be condoned and the loss can be allowed to be carried forward to subsequent years. Amount of loss up to Rs 10000 can be condoned by the Commissioner of Income Tax, from Rs 10001 up to Rs 1 lakh by the Chief Commissioner of Income Tax, and exceeding Rs one lakh by the CBDT.
See link below--
https://incometaxindiapr.gov.in/incometaxindiacr/contents/CBDTFiles/Circulars/CBDTLaws/HTMLFiles/sec119_8_01.htm
Querist : Anonymous
Click here to login now
Similar Resolved Queries
- STCG....................................................
- Supply through E-commerce Operators
- TAN for Partnership
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Loan by Partnership Firm
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
