Carry forward of losses

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This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2014 Can Company claim losses When ITR filled after due date. Next A.Y Company have a profit Can this Profit is set off. against P.Y Losses

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

04 September 2014 no as carryforward is allowed only when return filed in due date return of income

Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2014 Sir it is alloweble u/s 80 or not

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

04 September 2014 the ans is no not allowed u/s 80.

Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2014 Sir If When loss on sale of fixed assets(depericiable)(Block is steel Exist)
What is treatment in accordind to income tax and company act.

Rupesh Jain

Rupesh Jain (Expert)

04 September 2014 as per income tax sales proceeds will deduct from the block and on balance amount depreciation will charges.

and under company act you have to show the loss or profit in balance sheet.

Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2014 Sir loss on sale of fixed asset it is not acceptable in income tax so dis is disallowed expense so which section of income tax is disallowed.
plz answer me with reference of section.