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
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales return eway bill
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Plot of land. Cost of Acquisition
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Loan by Partnership Firm
- TDS related Query_Liquidated Damages
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
