Set - off or Not
This query is : Resolved
13 September 2009
My Client had loss of rs. 5 lakhs for A.Y. 07-08 and he filed return of income u/s. 139 also but the next year means A.Y. 08-09 he has not file return of income. For A.Y. 09-10 can he set off loss of Rs. 5 lakhs Against his Income of Rs. 6 lakhs?
13 September 2009
Yes.. probably
For c/f & set off of loss (other than depreciation) return filing within time limit u/s 139(1) is necessary.. it is not so that return filing should be continuous even in subsequent years.
As such in ur case set off of loss for A.Y. 07-08 is allowable. Also unabsorbed depreciation(if any) of A.Y. 08-09 is allowable.
However it is suggested that a belated return for A.Y. 08-09 is also filed
For c/f & set off of loss (other than depreciation) return filing within time limit u/s 139(1) is necessary.. it is not so that return filing should be continuous even in subsequent years.
As such in ur case set off of loss for A.Y. 07-08 is allowable. Also unabsorbed depreciation(if any) of A.Y. 08-09 is allowable.
However it is suggested that a belated return for A.Y. 08-09 is also filed
13 September 2009
Yes, the assesse can caary forward and set off the loss because as per section 139 the assessee has to file the return for carryforward of loss,,,,,and accordingly the return was already filed in that that assessment year so he can,,,,,
14 September 2009
I want to ask expert that if in above case, in A.Y. 08-09 if there is 4 lakhs income but he has not file his return of income. And now he claim Set off for A.Y. 09-10 is it possible ?
16 September 2009
as per section 80 right to carry forward loss is lost if return is not filed in time for the yr in which the loss was incurred..... thus u can set off.
in case of CA AJMERA 4 lacs income need to be sett off first.....assessee need to file return for 08-09.
in case of CA AJMERA 4 lacs income need to be sett off first.....assessee need to file return for 08-09.
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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Reporting Income under Section 44ADA
- ITR selection for salaries and capital gain less than L
- ITR 1: Details for showing Exempt Income
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- 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
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
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
