Delay in filing revised return

I failed to set off losses of assessment year 2005-06 carried forward to assessment year 2006-07 inspite of having requisite income to do so. Return of assessment year 2006-07 was filed within the due date as prescribed u/s 139(1). After noticing the ommission, I filed revised return u/s 139(5) on 31.3.08 but due to technical glitches,I could file it only on 1.4.08. Hence the revised return becomes time barred??What are the remedies available to set off the losses.

Replies (1)

The revised return filed by you on 01.04.08 is time barred. You can certainly set off the losses for AY 0506 carried forward to AY 0607 now in the current AY as time limit for utilisation of losses have not yet expired.

Regards

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