Set off of carry forward of losses

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Anagha (Querist)
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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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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