Set off of carry forward of losses
This query is : Resolved
14 August 2013
Hello Friends !!!
One of my client has carry forward the losses in FY 2010-11. That Return is in-time tax audit return
But FY 2011-12 Return is belated Return...so can we take the set off that loss & can we carry forward that loss
Please give me the reference of relevant provisions
Thanks
One of my client has carry forward the losses in FY 2010-11. That Return is in-time tax audit return
But FY 2011-12 Return is belated Return...so can we take the set off that loss & can we carry forward that loss
Please give me the reference of relevant provisions
Thanks
14 August 2013
1. Loss of FY 2010-11 can be set-off.
2. Loss of FY 2010-11 can be carried forward.
3. Loss of FY 2011-12, if any, CANNOT be carried forward.
This is because return of FY 2010-11 was filed within the due date.
Requirement of furnishing return within due date for carry forward of loss is applicable only for the year for which the return is being filed.
2. Loss of FY 2010-11 can be carried forward.
3. Loss of FY 2011-12, if any, CANNOT be carried forward.
This is because return of FY 2010-11 was filed within the due date.
Requirement of furnishing return within due date for carry forward of loss is applicable only for the year for which the return is being filed.
Message likes :
1 times
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
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- Which ITR To be filed by dentist
- 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
- 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.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
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
