Carry forward loss from ay 16-17 to ay 18-19
This query is : Resolved
22 March 2019
Dear Sir / Madam,
One of the Assessee doing two business. One business (A) under Profit & another one (B) is Loss. But, Both of the calculation his Income is profit. In AY 2016-17 he filed his ITR with Profit Rs. 400000 (A -> Rs. - 50,000 + B -> Rs. 450000)...
As per Auditor's computation Business A is under Loss & B is under Profit...
The Assessee can't file (missed) ITR AY 2017-18. But, He want file ITR AY 2018-19 (As bank's requirements against OD Account). Now, I prepare the statements for FY 2016-17. Business A & B is going to profit with C/F loss to A.
Also FY 2017-18 is under Profit with A & B....
Is it correct preparation or C/F loss from AY 16-17 to AY 18-19....?
Thanks & Regards RAJA P M
One of the Assessee doing two business. One business (A) under Profit & another one (B) is Loss. But, Both of the calculation his Income is profit. In AY 2016-17 he filed his ITR with Profit Rs. 400000 (A -> Rs. - 50,000 + B -> Rs. 450000)...
As per Auditor's computation Business A is under Loss & B is under Profit...
The Assessee can't file (missed) ITR AY 2017-18. But, He want file ITR AY 2018-19 (As bank's requirements against OD Account). Now, I prepare the statements for FY 2016-17. Business A & B is going to profit with C/F loss to A.
Also FY 2017-18 is under Profit with A & B....
Is it correct preparation or C/F loss from AY 16-17 to AY 18-19....?
Thanks & Regards RAJA P M
CA R SEETHARAMAN
(Expert)
23 March 2019
As you missed filing of ITR for 2017-18 you can't carry forward loss of 2016-17.
Message likes :
1 times
23 March 2019
So,
Can I transfer the Loss value to Proprietor's Capital account in the Financial Statement of FY 16-17...
Can I transfer the Loss value to Proprietor's Capital account in the Financial Statement of FY 16-17...
CA R SEETHARAMAN
(Expert)
24 March 2019
Yes it's right........
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Visiting card purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Whether output tax is taken credit by purchaser
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
