Carry forward of business loss
This query is : Resolved
Sradha Mohanty
(Querist)
13 January 2014
can a company carry forward its previous year business losses in case in current year it fails to file its return u/s 139(1) due date?
Yogesh Shukla
(Expert)
13 January 2014
Not able to carry forward the losses under various heads: you are not able to carry forward following type of losses if file return after due date
• Speculation loss
business loss excluding loss due to unabsorbed depreciation and capital exp on scientific research
• short term capital loss
• long term capital loss
• loss due to owning and maint. of horse races
However there is no impact on following type of losses even if return is furnished after the due date
• loss from house property
• business loss on account of unabsorbed depreciation and capital expenditure on scientific research.
• Speculation loss
business loss excluding loss due to unabsorbed depreciation and capital exp on scientific research
• short term capital loss
• long term capital loss
• loss due to owning and maint. of horse races
However there is no impact on following type of losses even if return is furnished after the due date
• loss from house property
• business loss on account of unabsorbed depreciation and capital expenditure on scientific research.
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