Carry forward of loss of earlier years

krishna goyal (pursuing ca) (21 Points)
Replied 30 September 2014

loss of AY 2013-14 shall be carried forward but loss of ths year if filled late shall not be carried forward

MAHESH RAJPUT (CA Final) (222 Points)
Replied 30 September 2014

CA Madhvi is 100% correct.... U can c/fd the loss of py AY except losses if AY 14-15 ( if any)

Ashish Kawa (Senior Accountant) (29 Points)
Replied 30 September 2014

Yes nikhil you can. Return must be filed on or before the due date to claim the benefit of c/f of loss of current year i.e. AY 13-14 and if in case you file belated return of AY 14-15 then also you can set off of b/f loss of AY 13-14 in the return of AY 14-15

vignesh (B-com CS CA-Final CFA-level 1 candidate) (1053 Points)
Replied 30 September 2014

Yes u can carry forward all the losses for a.y 2013-14 and for a.y 2014-15, since the date being extendes to 30 nov, any return filed bfore 30 nov 2014 will allow you to carry forward all the losses pertaining to that year. See in case if u have filed one year loss return on time and subsequent year loss return after due date, dosent mean that u cant carry forward earlier year loss just because subsequent year loss return isint filed on time. Filing a loss return after due date only affects non carry forward of loss for that specific assessment year and dosent affect any of your future or past rerurns. Even if suppose any return of loss nature is not filed in time still few losses like house property loss, unabsorbed depreciation, capital expenditure of some nature can be carry forwarded and can be use to set off any income in subsequent year, if any,. In your case as you have filed a.y 13-14 return on time, that specific loss will be carry forwarded and can be used to set off income as per the provision stated in the act. Further a.y 14-15 return also has been files on 30 sept which comes under the explanation. "on or before due" , so the same is also allowed to be carry forward loss and can be used to set off income in subsequent year

Ashish Kawa (Senior Accountant) (29 Points)
Replied 30 September 2014

Yes nikhil you can. Return must be filed on or before the due date to claim the benefit of c/f of loss of current year i.e. AY 13-14 and if in case you file belated return of AY 14-15 then also you can set off of b/f loss of AY 13-14 in the return of AY 14-15

vignesh (B-com CS CA-Final CFA-level 1 candidate) (1053 Points)
Replied 30 September 2014

Yes u can carry forward all the losses for a.y 2013-14 and for a.y 2014-15, since the date being extendes to 30 nov, any return filed bfore 30 nov 2014 will allow you to carry forward all the losses pertaining to that year. See in case if u have filed one year loss return on time and subsequent year loss return after due date, dosent mean that u cant carry forward earlier year loss just because subsequent year loss return isint filed on time. Filing a loss return after due date only affects non carry forward of loss for that specific assessment year and dosent affect any of your future or past rerurns. Even if suppose any return of loss nature is not filed in time still few losses like house property loss, unabsorbed depreciation, capital expenditure of some nature can be carry forwarded and can be use to set off any income in subsequent year, if any,. In your case as you have filed a.y 13-14 return on time, that specific loss will be carry forwarded and can be used to set off income as per the provision stated in the act. Further a.y 14-15 return also has been files on 30 sept which comes under the explanation. "on or before due" , so the same is also allowed to be carry forward loss and can be used to set off income in subsequent year

ALPESH JADAV (STUDENT) (24 Points)
Replied 30 September 2014

i agree with gaurav kumar

vignesh (B-com CS CA-Final CFA-level 1 candidate) (1053 Points)
Replied 30 September 2014

Yes u can carry forward all the losses for a.y 2013-14 and for a.y 2014-15, since the date being extendes to 30 nov, any return filed bfore 30 nov 2014 will allow you to carry forward all the losses pertaining to that year. See in case if u have filed one year loss return on time and subsequent year loss return after due date, dosent mean that u cant carry forward earlier year loss just because subsequent year loss return isint filed on time. Filing a loss return after due date only affects non carry forward of loss for that specific assessment year and dosent affect any of your future or past rerurns. Even if suppose any return of loss nature is not filed in time still few losses like house property loss, unabsorbed depreciation, capital expenditure of some nature can be carry forwarded and can be use to set off any income in subsequent year, if any,. In your case as you have filed a.y 13-14 return on time, that specific loss will be carry forwarded and can be used to set off income as per the provision stated in the act. Further a.y 14-15 return also has been files on 30 sept which comes under the explanation. "on or before due" , so the same is also allowed to be carry forward loss and can be used to set off income in subsequent year

satbeer (article assistant) (21 Points)
Replied 30 September 2014

You can not carry forward of loss for the AY 2014-15 if u fill ITR after 30.09.2014 (because date extended only for those assessee who are required for tax audit) and there are also two losses which you can carry forward if u fill ITR after 30.09.14 1)loss from house property 2)unabsorbed depreciation

prateek agarwal (Professional ) (22 Points)
Replied 30 September 2014

As the notification by cbdt While exercising the power under section 119 of the income tax act for extension of due to to 30.11.2014 is only for those assessee who are having tax audit requirement. So it is quite clear that this benefit of extension cannot be avail by those who are having turnover of less than one crore or having losses... As in your case there is no requirement of tax audit ..so for ur case extension is not available...and due date will be 30.09.2014 only... Now if as per section 80 of income tax act if u will not file the return by 30.09.2014 for assessment year 2014_15 then u will not able to claim c/f of losses of assessment year 2014_15..but u can very well can c/f the brought forward losses of preceding previous year if the return for the same has been filed in time.I.e under due date.... Regards Prateek Agarwal