Can loss be carried forward if a return is filled U/s 139(4)?
Darpan N Mehta (student CA Final) (84 Points)
18 November 2009Can loss be carried forward if a return is filled U/s 139(4)?
Jobin Mathews
(Student)
(42 Points)
Replied 18 November 2009
No, it cannot be carried forward when a return is filed u/s 139(4). To claim this years loss return should have been filed u/s 139(3). Previous years assessed losses can be carried forward for this year.
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 18 November 2009
Dear Darpan,
Following losses shall be allowed to carryfowarded irrespective of filing ROI u/s. 139(4).
1) Loss from House property and
2) Un absorbed Depriciation allowance/Family planning exp etc.
Thanks
Juzer
bhavik mehta
(C.A.)
(526 Points)
Replied 18 November 2009
Agree with Juzer.
& also scientific research exp. same like depriciation & family planning exp. irrespective of period.
CA Sidhi Gaur
(Chartered Accountant)
(247 Points)
Replied 18 November 2009
it depends on the nature of loss which u hv nt mentioned in ur query..
if it is a capital loss or business loss den it cn nt be carried forward unless a return u/s 139(3) has been filed n loss from house property cn be carried forward even if u hv nt filed return u/s 139(3).
CA Parth Shah
(Chartered Accountant)
(369 Points)
Replied 18 November 2009
Yes...Juzer is cent percent right...
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9058 Points)
Replied 18 November 2009
In terms of Section 80, the losses other than depreciation & house property loss can be carried forward only if determined in pursuance of the return filed within the time prescribed u/s. 139(1).
Akshay Garg
(consultancy)
(59 Points)
Replied 18 November 2009
It is a belated return. Loss cannot be carry forward in Sec 139(4) except loss under head House Property.
Akshay Garg
(consultancy)
(59 Points)
Replied 18 November 2009
It is a belated return. Loss cannot be carry forward in Sec 139(4) except loss under head House Property.
CA Nishant Chakrawarti
(Audit MAnager)
(77 Points)
Replied 18 November 2009
Well it depends on tthe nature of loss following are the losses which can be carry forward
1.Unabsorbed Depreciation
2.Loss from house Property
3.Unabsorbed CAPITAL Loss from Family Planning
4.Un absorbed CAPITAL Loss from Scientific research
Deeps
(Article Assisstant)
(2485 Points)
Replied 18 November 2009
RETURN OF LOSS [SECTION 139(3)]
(1) This section requires the assessee to file a return of loss in the same manner as in
the case of return of income within the time allowed under section 139(1).
(2) Under section 80, an assessee cannot carry forward or set off his loss against
income in the same or subsequent year unless he has filed a return of loss in accordance
with the provisions of section 139(3).
(3) A return of loss has to be filed by the assessee in his own interest and the nonreceipt
of a notice from the Assessing Officer requiring him to file the return cannot be a
valid excuse under any circumstances for the non-filing of such return.
(4) In particular, a return of loss must be filed by an assessee who has incurred a loss
under the heads “profits and gains from business or profession”, “capital gains”, and
income from the activity of owning and maintaining race horses taxable under the head
“Income from other sources”.
(5) However, loss under the head “Income from house property” under section 71B and
unabsorbed depreciation under section 32 can be carried forward for set-off even though
return of loss has not been filed before the due date.
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