A PERSON INCURRED LOSS OF RS. 5 LACS IN FY 7-8 ( RETURN WAS FILED BEFORE DUE DATE U/S 139 BUT IN THE RETURN OF FY 8-9 & 9-10 HE FAILED TO CLAIM LOSS DUE TO MISTAKE. CAN HE CLAIM IN FY 10-11
A PERSON INCURRED LOSS OF RS. 5 LACS IN FY 7-8 ( RETURN WAS FILED BEFORE DUE DATE U/S 139 BUT IN THE RETURN OF FY 8-9 & 9-10 HE FAILED TO CLAIM LOSS DUE TO MISTAKE. CAN HE CLAIM IN FY 10-11
agreee with above loss can be cliam in original return submitted within due date under sec 139(1)
Mr Roopak is Correct.
If all learned friends say the losses cannot be set off in subsequent year then what about that rule which says that it is mandatory to set off the losses.
In my view loss of FY 7-8 can be carried forward (since he has filed the return of loss in time) and can be set off in subsquent year.
If he could not set off the loss then he should file the revised return. If that time has expired go for rectification of mistake u/s 154 which is 4 years.
thanks
https://taxbykk.blogspot.com/
agree with above
eg. 7-8 100
8-9 20 unclaimed set off
9-10 10 unclaimed set off
10-11 70 that can be c/f and claim set off whether or not 20+10=30 is claimed c/f or not,
bcoz 7-8 return filled within due date
what would happen if the assessee has nil income in 08-9,09-10 and income in 10-11. If the assessee has filed the return subsquently for 08-09 and 09-10 showing the carry forward loss, can't he claim the same in 10-11?
| Originally posted by : Roopali Kadam | ||
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eg. 7-8 100 8-9 20 unclaimed set off 9-10 10 unclaimed set off 10-11 70 that can be c/f and claim set off whether or not 20+10=30 is claimed c/f or not, bcoz 7-8 return filled within due date |
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Rooplai Kadam is right..
| Originally posted by : saminathan.s | ||
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what would happen if the assessee has nil income in 08-9,09-10 and income in 10-11. If the assessee has filed the return subsquently for 08-09 and 09-10 showing the carry forward loss, can't he claim the same in 10-11? |
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He can claim in 10-11
he can set off losses by filing revised return .. as revised return steps into the shoes of original return provided the original return is filied withing the due date .. which is true in this case
agreed with mr.kaushal
it is correct
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