Setoff of losses

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2017 Hello expert,
my query is can loss of PYs be setoff against CY profit if CYs return filed belatedly.

awaiting your reply,
Thank you.

RAJA P M

RAJA P M (Expert)
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29 July 2017 No......

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 July 2017 It is mandatory that the return of loss should be filed within the due date for the purpose of claiming benefit of loss incurred in the relevant assessment year -see section 139(4) . Once you file the return of loss within time limit and you qualify the conditions of section 139(3), you can claim the benefit of carried forward loss to be set off with the income of subsequent years under relevant provisions of section/s 72,73,74 and 74A. You can claim the benefit of carried forward loss even if the current year return is belated within the meaning of section 139(3) of the income tax act, 1961.

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2017 Thank you sir

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