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Set off losses carry forward against income of current year
For AY 2014-15 the corporate assessee liable for tax audit, were given extended due date upto 30.11.2014... My client filed the ITR and Tax Audit report on 29.11.2014 and c/f huge amt of business loss can we utilise that business loss for set-off of current year income??
Replies (6)
year business loss can carry forward to 8 AYs
u can set off aforesaid business loss
u can set off aforesaid business loss
That provisio i am aware of... thing is whether AY 2014-15 Business can b set off as itr was filed on 29.11.2014
If return of AY 2014-15, was filed u/s. 139(3), it will accept the set off in current year's ITR..
@ kartiken Yadav these section is not applicable to corporate assessee
1. As per sec 72 loss under the head "PGBP" can be carry forwarded for a period of 8 AY immediately from the AY in which the loss was incurred.
2. However, sec 80 puts restrictions with respect to carry forward of loss that it should be filed within the due date of filing the ROI specified u/s 139(3).
3. In case of extended due date relating to that year. It will be allowed to be carried forwarded and set it off.
4. In your case loss can be carry forwarded and set it off up to AY 2022-23.
Please correct me if the above solution has an alternative view.
Suresh you are abosulutely right.
nice explanation
nice explanation
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