Carry Forward of Losess of Business
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 May 2011
Whether it is mandatory to show and carry forward lossess incurred in previous year in share/derivative/commodity trading, while filing ITR Return. If one does not wish to show the same in ITR whether there is any clause of penalty
09 May 2011
NO PENALTY. BUT YOU CAN NOT PROVIDE NEXT FOLLOWING YEAR YOUR BUSINESS LOSSES
CA. Krishna K Neeraj
(Expert)
09 May 2011
There is no penalty for not showing the same in ITR however you may not get benefits of brought forward losses in next previous year.
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