Late filling of return-dis-allowances of current years loss or c/f losses too

Tax queries 236 views 6 replies

The assessee failed to file return on or before due date in AY 2017-18.

Assessee has b/f absorbed losses Rs. 5 lakh in the beginning

Assessee incurred losses in AY 2017-18 Rs. 1 lakh

will assessee be allowed to c/f 6 lakh for next AY or he will be allowed only 5 lakh to be C/f

Assessing officer denied to allow the whole Rs 6 lakh to c/f. Is AO correct ?    

 

Replies (6)
Only 1 lakh will be disallowed, the rest 5 lakh will be allowed. Refer to section for Carry forward of losses Section 80 r.w.s 139(3)
Late filing of loss return deprives assessee from carry forward benefit.

However this does not apply to carry forward of loss under IFHP (despite late filing of return)

@ kapadia Pravin 

sir,

I request you to please reply specifically, whether assessee shall be able to carry forward loss of Rs. 6 lakh or Rs. 5 lakh  

 

 

@ kapadia Pravin 

sir,

I request you to please reply specifically, whether assessee shall be able to carry forward loss of Rs. 6 lakh or Rs. 5 lakh  

 

 

Although the loss of the current year cannot be carried forward unless the return of loss is submitted before the due date

 but the loss of earlier years can be carried forward if the return of loss of that year(s) was submitted within the due date and such loss has been assessed.

It should be 5 lakhs c/f . provided brought forward losses were reported in ITR AY 2017-2018 and claimed in that ITR as to be carried forward.

OK.. THANKS A LOT ... THIS ANSWER SUFFICES

THANKS @ KALPESH 

 THANKS @ KAPADIA PRAVIN


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