loss return not filled
This query is : Resolved
CA. Nayna Patel
(Querist)
08 May 2010
hi experts!! one newly formed partnership firm has not filled 1 st return i.e.AY 2009-10 & they have huge loss to carry forward . now what to do ??
& return filling of firm is compulsory e-filling or physically accepted by an department
& return filling of firm is compulsory e-filling or physically accepted by an department
09 May 2010
As you are aware, business losses cannot be carried forward when the IT Return is not filed on or before the due date.
E-filing is not mandatory.
E-filing is not mandatory.
09 May 2010
AGREE THE LOSS CANT BE CARRIED FORWARD FOR ADJUSTMENT AGAINST FUTURE PROFITS.
TO AVAIL THIS BENEFIT YOU HAD TO FILE THE RETURN U/S 139(1) WITHIN DUE DATE.
TO AVAIL THIS BENEFIT YOU HAD TO FILE THE RETURN U/S 139(1) WITHIN DUE DATE.
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