Previous years losses
This query is : Resolved
07 November 2017
I am having a doubt. Can a partnership firm can claim previous years losses during current year assessment for Income tax?. If yes how many years back we can take the previous years losses?
Nikhil Kaushik
(Expert)
07 November 2017
You don't have a doubt. You have just not bothered to read the basic Income-tax act. read section 70-80 of the Income-tax act.
Dibin Divyakumar
(Expert)
07 November 2017
you can carry forward the loss for 8 years. ensure to file the return before the due date specified u/s 139(1)
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