Return u/s 139(3)

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Gaurav (Querist)

09 February 2015 Return of loss under 139(3) specifically claims to carry forward losses of business only if return for such loss has been filed,since there is nothing mentioned about loss from profession,can the assessee claim loss of profession w/o filling a return?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

10 February 2015 Loss can be claimed only by filing return. Professional loss can be claimed in the return.

Mohit Singla

Mohit Singla (Expert)

10 February 2015 The exact wording of the Section is here
"If any person who 76[***] has sustained a loss in any previous year under the head "Profits and gains of business or profession" or under the head "Capital gains" and claims that the loss or any part thereof should be carried forward under sub-section (1) of section 72, or sub-section (2) of section 73, or sub-section (1) 77[or sub-section (3)] of section 74, 78[or sub-section (3) of section 74A], he may furnish, within the time allowed under sub-section (1) 79[***], a return of loss in the prescribed form80 and verified in the prescribed manner and containing such other particulars as may be prescribed, and all the provisions of this Act shall apply as if it were a return under sub-section (1).

Section cover whole chapter of PGBP

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