Carry forward of business loss
This query is : Resolved
12 July 2013
Sir/Madam,
Eg: 1.Firm 'X 'got loss in the financial year 2010-11 (I.T.Return was filed Correctly)
2.Firm 'X' got profit in the F.year 2011-12(loss in the previous year was not brought forwarded and tax was paid on profit)
3.Firm 'X' got profit in the F.year 2012-13
So my doubt is whether i could brought forward the loss mentioned in point 1 or else was there any alternative to claim such loss
Pls help me in this issue.
Eg: 1.Firm 'X 'got loss in the financial year 2010-11 (I.T.Return was filed Correctly)
2.Firm 'X' got profit in the F.year 2011-12(loss in the previous year was not brought forwarded and tax was paid on profit)
3.Firm 'X' got profit in the F.year 2012-13
So my doubt is whether i could brought forward the loss mentioned in point 1 or else was there any alternative to claim such loss
Pls help me in this issue.
12 July 2013
You can revise the return of the firm,, if time-limit allows you to do so & claim the refund in AY 2012-13.
.
For claiming the loss it is required to be mention in the subsequent year's return. This is a costly mistake and on technical grounds it may not be allowed to do so as you are desiring.
.
.
For claiming the loss it is required to be mention in the subsequent year's return. This is a costly mistake and on technical grounds it may not be allowed to do so as you are desiring.
.
Message likes :
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12 July 2013
Agreed Paras sir...
13 July 2013
Thank u sir
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