CARRY FORWARD LOSSES
This query is : Resolved
ANKIT SHARMA
(Querist)
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
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.
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.
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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