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.
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
