Condonation of delay in filing return of loss
This query is : Open
10 October 2009
In case return of loss is not filed in time, then how can delay be condoned?
10 October 2009
There is no provision for condonation of delay in the Income Tax Act for late filing of return. You can not claim the carryforward of loss of current year but if the loss is pertaining to earlier years then it can be carried forward.
10 October 2009
Yes, I also agree with Ratan.
10 October 2009
Agree with experts
15 October 2009
delay in making refund claim as well as claim of carry forward of losses, both, can be condoned in cases where returned income is a loss, provided other conditions are satisfied. The monetary limits prescribed for condonation of delay in making refund claims, by different IT authorities, will apply to condonation of delay in cases of claim of carry forward of losses as well.
Circular : No. 8/2001, dated 16-5-2001.
Circular : No. 8/2001, dated 16-5-2001.
15 October 2009
I am agree with Rajeev
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