Condonation of delay in filing return of loss

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Kushal P. Purswani

Kushal P. Purswani (Querist)
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10 October 2009 In case return of loss is not filed in time, then how can delay be condoned?

Ratan Sharma

Ratan Sharma (Expert)
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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.

CA. Vinod Pandey

CA. Vinod Pandey (Expert)
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10 October 2009 Yes, I also agree with Ratan.

CA Suresh Choudhary

CA Suresh Choudhary (Expert)
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10 October 2009 Agree with experts

Rajeev

Rajeev (Expert)
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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.