if belated return has file so loss of one source can ve set of against income of other source ?
example :
x ltd file return on 1.12.2020 for P.Y 18-19
loss of business 5,00,000
unabsorbed depreciation 50,000
income from other sources 1,20,000
how much loss x ltd can be carried forward ?
In your case, only unabsorbed depreciation can be carry forward.Business loss shall not be allowed to be carry forward.
However, in case the loss is to be set-off against some other income arising in the same year, it is allowed to be set-off even if the return is filed after the due date of filing of returns.
Although the loss of the current year cannot be carried forward unless the return of loss is submitted before the due date but the loss of earlier years can be carried forward if the return of loss of that year(s) was submitted within the due date and such loss has been assessed.
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