Revise belated loss return to setoff income of same f.y?
This query is : Resolved
20 February 2018
As on quarter ending 31 mar 2017, the company had a particular service bill for around 1.3 crores and had already paid service tax on it and also showed it in the service tax return. But unfortunately, the income was somehow not included while calculating total income.
Without considering the above income of 1.3 crores, the company has a loss of 1.2 crores.
The return of income was filed after the due date showing a loss of 1.2 crores.
Now, I know loss cannot be carried forward in case of belated return, but my question is can I revise the return and set off the loss from the income of the same FY?
Without considering the above income of 1.3 crores, the company has a loss of 1.2 crores.
The return of income was filed after the due date showing a loss of 1.2 crores.
Now, I know loss cannot be carried forward in case of belated return, but my question is can I revise the return and set off the loss from the income of the same FY?
21 February 2018
but there is a notification applicable from april 2017 which says you can revise belated returns from FY 2016-17 onwards
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Building tax payment deduction in rental Income
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- F & O PROFIT REPORTING FOR AY 2026-27
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
