Carry forward of loss

Yes dear u can carry forward the losses bcs there is reuirement that Income Tax return should be filled in time for the year in which losses were incurred and as per ur information the losses were incurred in previous year and correspondingly u have filled return in time. Hence u dont have to worry about it.

U can carry the losses of previous year up to Max 8 Year.

Hope U got clarified.

Regards

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AGRRED WITH SAROJ KUMAR

"UNABSORBED DEPRICIATION"  INCLUDED IN SUCH BUSINESS LOSS CAN BE CARRY FORWARD TO UNLIMITED YEARS.

Dear Binod

Yes you can carry forward of loss because you have file on time previous years. you can file retun as on 31.3.2014

thanks

Agreed with Saroj Kumar

agreed with all but mr. binod u can setoff ur business loss with only business income in remining years.

however DTC bill does not look optimistic in this cases

however DTC bill does not look optimistic in this cases

RESPECTED NITUL SIR, WILL U PLZ HEIGHLIGHT SOME IMPORTANT POINTS OF DTC...

AND WILL THE BILL WILL BE PASSED IN NEXT FINANCIAL YEAR?

i also want to know about DTC in detail

In my Opinion you can not carry forward the loss!!!!

Read Sec 139(3). Loss Return

As per Sec 139(3), Any person who has systained loss under the head " Profit And Gain of Business" or " Capital Gain" in any previous year and claims that such loss should be carry forward under sc 72,73,74 or 74A shall furnish a return of loss within the time allowed u/s 139(1).Any return so filled under this section shall be treated as a return filed u/s 139(1) and all provision of the act shall apply accordingly.

Hence you need to file your return within time allowed u/s 139(1) which is 31st july.

However you can file belated return, In that case the assessee may seek remady by making an application to CBDT for relaxation of time to carry forward the loss for setoff.Circular No 8/2001 dated 16.05.2001