C.A. Nikhil Monga (Chartered Accountant) 29 September 2014
I just want to confirm that in case, return of previous year is not filed in time, can we carry forward the losses brought forward from earlier previous years. e.g. In AY 2013-14, we filed the return on 20.09.2013 but for AY 2014-15, if we file the ITR after 30.09.2014, can we carry forward the losses of AY 2013-14.
Note: Assessee is a Private Limited Company and is not liable for Tax Audit
Gagan Deep Singh (CHARTERED ACCOUNTANT) 29 September 2014
I think u can carry forward loss becoz section says that if u want to carry forward loss u have to file return before due date of filing return and due date is now 30.11.2014.
GAURAV KUMAR SRIVASTAVA (student) 29 September 2014
You can carry forward the losses once u file the return on time. Suppose u have a PGBP loss in A.Y. 2012-13 and in that year u file return on time u can carry forward the loss for 8 next assessment year inspite of the fact that you have not file the next A.Y return on time. If means u have a loss return and u file return on time then you can carry forward return as per law. but there are certain losses which van be claimed while not filling the return on time. Such losses are 1. Loss under the head House property 2 brought forward of depreciation . above two losses can be claimed while not filling the return on time.
V K Vijayaraghavan (PRACTICE) 29 September 2014
I fail to understand this provision of late filing and the assessee cannot c/f loss. The assese is in serious problem and hence have to be given consideration to look into issues . this needs to be debated in open forum
Santhosh Poojary (SIEMPRE AHÍ PARA TI) 30 September 2014
According to Section 80, of the IT Act, carry-forward is allowed only when such loss has been determined in pursuance of return of loss submitted by the assessee on or before the due date for filing returns prescribed under Section 139(1) of the IT Act. However, loss under, ‘Income from house property', unabsorbed depreciation, capital expenditure on scientific research, and family planning expenditure can be carried forward... even if the return is not filed within the due date mentioned under Section 139(1).
in your case all losses can be carried forward except for the AY 2014-15 as ITR is not been filled widin time period..