Dear Members,
Please let me know if there is business loss to a proprietor, in fy 2017-18, on account of depreciation, can he carry forward it by filling the ITR now?
Thanks
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Depreciation loss in itr
Replies (7)
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.
in my opinion, in order to carry forward the losses, the ITR should be filed within due time as mentioned in section 139(1). so in your case it cannot be carried forward unless it's unabsorbed depreciation
unabsorbed depreciation shall be carried forward indefinitely till it is fully set off
unabsorbed depreciation u/s 32 can be carried forward for set off EVEN though Return Of loss has not been filed on or before due date
unabsorbed depreciation u/s 32 can be carried forward for set off EVEN though Return Of loss has not been filed on or before due date
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