Depreciation loss in itr

YES.

Loss under the head “Profits and gains of business or profession” can be carried forward only if the return of income/loss of the year in which loss is incurred is furnished on or before the  due date of furnishing the return, as prescribed under section 139(1).

Such loss can be carried forward for eight years immediately succeeding the year in which the loss is incurred.

Above provisions are not applicable in case of unabsorbed depreciation

Thanks Dhirajlal Sir. So he can now file ITR-3 for AY 2018-19 and carry forward business loss on account of depreciation.

Yes, he can now file ITR-3 for AY 2018-19 (with late fees) and carry forward Unabsorbed depreciation loss.

 

Will there be late fees in case of loss ITR filed in Dec. 2018?

For proprietorship firm, having no other income, it should not be.