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CARRY FORWARD LOSSES

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30 September 2009 THERE WAS A LOSS OF RS. 20000 IN 2006-07 AND THE RETURN WAS FILED WELL BEFORE IN TIME AND IN 2007-08 THERE WAS LOSS OF RS12000 BUT THE RETURN WAS LATE. THE QUERY IS THAT WHETHER IN 2008-09 LOSS OF RS 20000 WILL BE CARRIED FORWARD OR NOT. REPLY SOON
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CA SANJAY MUKHERJEE

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CA SANJAY MUKHERJEE (Expert)
30 September 2009 Hi Ankit,

In case of Belated Return under Sec 139(4)some of the losses can't be carried forward.

Only losses mentioned below can be carried forward without submitting loss return in time.

a) house property loss

b)Non speculative business loss on a/c of unabsorbed dep,cap exp on scientific research and family planning.
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CA SANJAY MUKHERJEE

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CA SANJAY MUKHERJEE (Expert)
30 September 2009 Further to my reply I would like to add that you will be able to carry forward the loss of 20000 for which you had filed return in time. In the ITR-6 also you can find date of submitting past return is there to justify this.
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