Can i still upload tax return for current a/y 2015-2016

You can upload till March  2016 without fine.  One year after assesment year i.e upto March 31 2017 ur return will be accepted . Fine is upto assesing officer - usually no fine is imposed.  Either way you cannot revise your return. So carefully scrutinize ur return and then upload

losses in CG cannot be carried forward

Business lossess cannot be carred forward if return not filed in time as per sec 139(1), 234 A for not furnishing return of income will be applicable.

File the return as per your case and plead for condonation of delay to tax authorities as you had accute illness.

Regards

Karhik V Kulkarni

If you have business income and turnover from business doesnot exceed 1cr then you can take cover u/s 44AD and file ROI with tax audit report. Due date extended for the same till Oct 31(there are some exceptions to it). If your business turnover exceeds 1Cr you will be covered u/s 44AB and need to file tax audit report with ROI by 31st Oct.

Regards

Karthik V Kulkarni

@ Gupta RK

You mean you have incurred loss in business. And you want to c/f the loss. But in that case you have to do tax audit before 31 /10.( as extended)

Now if your turnover is less than 1 crore, you are covered by sec44AD rw sec 44AB. I.e if turnover is less than 1 cr and your total income exceeds basic exemption limit, then to c/f loss in business you need to go for tax audit due to sec 44AD. But if total income does not exceed basic exemption limit, then you are not required to get your books audited. However due date was 31st august and hence loss cannot be c/f if return not filed within the due date. 

Further, the Central Board of Direct Taxes (CBDT) clarified on 16 May 2001, that by virtue of power granted under Section 119(2)(b) of the IT Act, the delay in filing of loss return can be condoned and the loss can be allowed to be carried forward to subsequent years. Amount of loss up to Rs 10000 can be condoned by the Commissioner of Income Tax, from Rs 10001 up to Rs 1 lakh by the Chief Commissioner of Income Tax, and exceeding Rs one lakh by the CBDT.

In that case, you need to make an application in writing to the relevant authority to condone the delay and allow to c/f the loss to subsequent years.

Needless to say, It purely depends upon the concerned authority whether to condone the delay or not. 

The highlighted area would be applicable only if tax audit is not applicable in your case

If turnover is > 1 cr, then you compulsorily have to do tax audit. And in that case, due date has been extended to 31 oct