Carry forward loss from ay 16-17 to ay 18-19


(Querist)


Click to Talk 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


CA R SEETHARAMAN (Expert)


Click to Talk 23 March 2019
As you missed filing of ITR for 2017-18 you can't carry forward loss of 2016-17.

RAJA P M (Expert)


Click to Talk 23 March 2019
So,
Can I transfer the Loss value to Proprietor's Capital account in the Financial Statement of FY 16-17...


CA R SEETHARAMAN (Expert)


Click to Talk 24 March 2019
Yes it's right........


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