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Income tax

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(Querist)
12 September 2013 sir
The losses in p.y.11-12, can be set off in p.y. 12-13 in case of company?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
12 September 2013 yes. if the income tax return for the year 11-12 filed and claimed the loss with in the due date, the same can be set off with profit of fy-12-13 subject to set off & carry forward of losses rules sec.71 & 72 of income tax act
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
12 September 2013 Every Company and every firm is compulsorily required to file income-tax returns every year. Even if the Company or Firm is suffering loss it has to file the return.

Assesses can revise the loss return- Deemed to be returned filled u/s. 139(1)

If a person fails to file loss return in time, he shall not be entitled to carry forward such losses.
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