Losses carried forward

Sudesh (CFA) (40 Points)

25 March 2013

I had incurred losses in the tock market in 2008 and I started carrying losses forward but discontinued filing taxes as I had no taxable income. If I start filing taxes now after this break, may I carry those losses and offset my income this year ?

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3 Replies

CA D.C. Bansal (Accounts Head) (283 Points)
Replied 25 March 2013

Losses can be carried forward, only if Return of Income has been filed before the due date.

Bharat chandan (student) (158 Points)
Replied 25 March 2013

as per section 80 losses other then loss under the head house property and unabsorbed depreciation, cannot be carried forward unless return is furnished on time. in your case the loss is under the head business profession so, if u have not filed return on time then loss will not get carried forward in such a case u could have file nil return showing amount of loss to be carried forward

Swami Ayyappa Nuli (TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER) (1368 Points)
Replied 27 March 2013

unless loss return u/s 139(2) has filed with in time specified u/s 139(1), loss can not be carry forward(business loss).here this is the case of speculation loss.in ur case i thought u cant carry forward such speculation loss