Carry Forward of Losses of Business Income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2011 Last year I incurred losses in Shares F&O and Intra Trade transactions.
Is it mandatory for me to file return showing losses.

As I do not wish to show Losses in my I.T. Return, my question is whether it is mandatory for me to show lossess of business income. If I do not show the lossess whether there is any penalty clause under Income Tax Act.

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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30 April 2011 If you want to carry-forward those losses, you need to file a return regarding the same within the time limit specified under the section 139.If you fail to submit the return within prescribed time or you fail to submit the return itself, you cant carry forward the losses to be set-off against income of subsequent years.

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2011 Thanks Mr. Amol for a very quick reply to my querry. However, I further modified my question and wish to request you to please guide me in the matter.

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