Set of C/s of Losses

according to sec 80 the assesse must file the return on time in order to carry forward a business loss....or else he wont be allowed to carry it forward...

Dear janani,

         Sec.80 states that unless loss return is filed in accordance with the due date specified u/s.139(3) and loss is determined, the loss cannot be carried forward. Hence, ur business loss cannot be carried forward. However, ur depreciation loss of Rs.2 Lacs can be carried forward, coz, it is not covered by Sec.80. It is covered u/s.32. Similarly loss from HP u/s.71B can be carried forward without filing  the return within the stipulated time.

       In the case of belated filing of loss return, the assesse may seek remedy by making an application to the CBDT for relaxation of time to carry forward the loss for set-off-CIRCULAR NO.8/2001 DT/16/5/01

Thanks a lot !!!!!

agreed with all, however after the enforcement of DTC, such limitation of time will not be available. such loss can be c/f for any number of years till they exhaust.  

Until unless file Return u/s 139(3) the loss cannot be carry forward.

Dear Santhosh,

         Sec.80 states that unless loss return is filed in accordance with the due date specified u/s.139(3) and loss is determined, the loss cannot be carried forward. Hence, the business loss cannot be carried forward. However, the depreciation loss of Rs.2 Lacs can be carried forward, coz, it is not covered by Sec.80. It is covered u/s.32. Similarly loss from HP u/s.71B can be carried forward without filing  the return within the stipulated time.

       In the case of belated filing of loss return, the assesse may seek remedy by making an application to the CBDT for relaxation of time to carry forward the loss for set-off-CIRCULAR NO.8/2001 DT/16/5/01

Thanks For  Clarification

Dear  CA.G.Muguntha Narayanan SIr.
 

your loss cant be carried forward... As per sec 80 loss return must be filed by the assessee on time to carry forward the losses...