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Direct tax

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(Querist)
01 November 2013 Neel is engaged in the manufacturing business. He incurred a loss of
`
1,50,000 during the
previous year 2012-13. Is he required to file return of income?
plzz give me ans sir...........
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
01 November 2013 If any person who has sustained a loss in any previous year under the head

"Profits and gains of business or profession" or

under the head "Capital gains" and

claims that the loss or any part thereof should be carried forward , he may furnish, within the time allowed , a return of loss in the prescribed form and verified in the prescribed manner and containing such other particulars as may be prescribed, and all the provisions of this Act shall apply as if it were a return under sub-section (1).

Section 139(3) provides that the return should be filed within the time prescribed u/s 139(1) in case the assessee wants to carry forward the loss.
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