Income tax return

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This query is : Resolved

AZAD BHALLA (Querist)

07 November 2011 Hello,

I have not filed my ITR for the f.y. 2010-11 and having some carried forward losses of Capital (Shares Loss) from 2009-10. Previously I was filing ITR-2.

Now can I file my return ? Is there any penalty for the same ?
Can I use ITR-I as carried forward losses may not be allowed I think so

Aijaz Shaikh

Aijaz Shaikh (Expert)

07 November 2011 Only loss of the current year cannot be carried forward, if the return of income is not filed in time as per section 80 of the income tax act.

Since the loss pertains to FY 2009-2010, loss can be carried forward if the return of the AY 2010-2011 is filed in time as per section 139 of income tax act.

So you should file ITR-2

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

07 November 2011 Losses can be c/fd in case the Return of the AY in which Capital Loss incurred has been filed in time.
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Now for AY 2010-11, to c/fd the said loss you should file your return in ITR-2 so that you can continue to c/fd loss.
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In case loss is insignificant you may drop the idea to C/fd the loss and file ITR-1.
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However, if you show income less than 160000/- for the AY 2010-11, no penalty may be levied.

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