Carry forward loss

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This query is : Resolved

SAURABH AGRAWAL (Querist)

12 September 2015 Dear Sir/Madam,
Kindly help me for the below mentioned query-

1- In the income tax return from A.Y. 2012-13 onward there are two separate columns for carry forward loss and unabsorbed depreciation. My query is that in respect of brought forward losses of earlier year, in the the first column of brought forward loss, whether we need to fill total loss or only business loss excluding depreciation. Because for the current year the utility automatically takes total loss including unabsorbed depreciation.

2- whether the particulars of carry forward loss for earlier loss given in on year of return can be changed in the subsequent year if in the previous year by mistake wrong particulars have been filed. The tile limit for filing revised return for the previous year has lapsed.

CA Nitin K. Varshney

CA Nitin K. Varshney (Expert)

13 September 2015 dear saurabh,
in the earlier years u did not claimed depreciation as unabsorbed depreciation, bt u hv taken total loss in the ITRs. dats why it is showing total loss in the column of business loss. its due to a mistake made by u in the earlier years. u hv to claim business loss and unabsorbed dep. separately in the ITR at the time of filing.
so the treatment in d software of taking total loss is correct.

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