Carry forward of business loss
This query is : Resolved
satish kumar kumili
(Querist)
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.
CA PARAS BAFNA
(Expert)
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.
.
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Rajat Poddar
(Expert)
12 July 2013
Agreed Paras sir...
satish kumar kumili
(Querist)
13 July 2013
Thank u sir
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