Due date for loss carry forward in case of audit

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Jignesh Desai (Querist)
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23 July 2012 Say , a person shows his Income under "Business Income" every year . In a particular year ,say PY 2011-12, he incurs a Business Loss of Rs. 6 Lacs .Moreover , he has done Turnover exceeding Rs. 1 Crore . So, he has to have his Books Tax-Audited before his I-T Return can be submitted .

My Question is , (i) Will he be able to carry forward his Loss only if he files his returns by 31/7/12 or (ii) He can still be able to carry forward his Business Loss to later years even if he files his Returns after 31/7/12 but before 30/9/12 ?

Amol S Joglekar

Amol S Joglekar (Expert)
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23 July 2012 30/09/2012. Loss can be carried forward if the return is filed before due date. AND the due date is 30/09/2012 and not 31/07/2012.

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Jignesh Desai

Jignesh Desai (Querist)
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25 July 2012 Are you sure it will be 30/9/2012 & not 31/7/2012 ?

Amol S Joglekar

Amol S Joglekar (Expert)
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26 July 2012 yes. The condition says the return should be filed before due date as contemplated u/s 139. And 139 gives the due date for tax audit as 30/9. To go a little further, if for some reason, this date is extended for any year to let us say 10th Nov. Then for that year 10th Nov. will be the due date. Would like to have your opinion as well.

Jignesh Desai

Jignesh Desai (Querist)
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26 July 2012 I don't know the answer . That's why I asked you . Anyway , Thanks for the reply . According to Common Sense it should be the way you said .

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