Carry forward of loss of earlier years


C.A. Nikhil Monga (Chartered Accountant)     29 September 2014

C.A. Nikhil Monga
Chartered Accountant 
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Hello everyone, 

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

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CA Madhvi (...Blissful...)     29 September 2014

CA Madhvi
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You can very well carry forward all losses pf previous yrs excerpt loss for the AY2014-15(if any).

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CA SUKSHAM ARORA (CA)     29 September 2014

CA SUKSHAM ARORA
CA 
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yes, u can

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harshit (article ship)     29 September 2014

harshit
article ship 
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no u cannot carry forward loss if u have not filled ITR witin time period except some loss like unabsorbed depreciation

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Gagan Deep Singh (CHARTERED ACCOUNTANT)     29 September 2014

Gagan Deep Singh
CHARTERED ACCOUNTANT 
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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.

Mahesh8348 (sales tax assistant)     29 September 2014

Mahesh8348
sales tax assistant 
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You can not carry forward your previous year losses without filing the return within the due date.

GAURAV KUMAR SRIVASTAVA (student)     29 September 2014

GAURAV KUMAR SRIVASTAVA
student 
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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.

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V K Vijayaraghavan (PRACTICE)     29 September 2014

V K Vijayaraghavan
PRACTICE 
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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

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CA Santosh Walunj (Manager - Accounts & Finance)     29 September 2014

CA Santosh Walunj
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U can not carry forward business loss but u can carry forward unabsorbed depreciation

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Santhosh Poojary (SIEMPRE AHÍ PARA TI)     30 September 2014

Santhosh Poojary
SIEMPRE AHÍ PARA TI 
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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..


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