Set - off or Not
This query is : Resolved
zeal sheth
(Querist)
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
Kapil Arora
(Expert)
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,,,,,
CA CHINTAN AJMERA
(Expert)
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.
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