HELLO
AS PER INCOME TAX ACT WE SHALL NOT BE CARRIED FORWARD BUSINESS LOSS IF ITR HAS FURNISHED AFTER DUE DATE.
WHILE CALCULATE MAT WHAT BUSINESS LOSS ALSO NOT CONSIDERED IF PREVIOUS YEARS RETURN HAS FURNISHED AFTER DUE DATE?
CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)
09 February 2009HELLO
AS PER INCOME TAX ACT WE SHALL NOT BE CARRIED FORWARD BUSINESS LOSS IF ITR HAS FURNISHED AFTER DUE DATE.
WHILE CALCULATE MAT WHAT BUSINESS LOSS ALSO NOT CONSIDERED IF PREVIOUS YEARS RETURN HAS FURNISHED AFTER DUE DATE?
CA Amit Kumar Khaitan
(Research Analyst)
(360 Points)
Replied 09 February 2009
in my opinion the business loss that can not be claimed under normal provisions can also not be claimed under the provisions of MAT. The belated rerturn section does not allow carry forward of losses if return is not submitted in due time and it is applicable to MAT provisions as well
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 09 February 2009
You have to make adjustment of loss brought forward or unabsorbed depreciation whichever is less as per book of account of the assessee-company to arrive at the” Book-Profit” u/s.115JB. It has nothing to do with late filing of ROI for loss
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