I SUFFERED LOSS ON STOCK TRADING FOR THE YEAR 2007-08. I AM SUBMITTING MY RETURN ON 20/02/2009. CAN I SET OFF LOSS IN SUBSEQUENT YEAR
2 Replies
SANJAY VERMA
(Chartered Accountant)
(334 Points)
Replied 19 February 2009
No, You Have to file your return within due date to carry forward loss.
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 19 February 2009
As per provisions of Sec. 80, the loss can not be carried forward unless it is determined in pursuance of a return filed by the assessee u/s.139 (3). Hence, if ROI is not filed on or before due date of filing return, loss will not be allowed to be carried forward.
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