Tax Updates

Whether the loss Can be carried forward and setoff even the return filed after due date? Section 139(3): According to this section if a person has sustained a loss under the head “Profit and Gains of Business or profession” or under the head “Capital Gains” and claims that such loss should be carried forward under section 72, section 73 or section 73A or section 74 or section 74A, then he may furnish a return of loss within the time prescribed under section 139(1) and all the provisions of the income tax act shall apply as if it were a return furnished under section 139(1). Section 80: Notwithstanding anything contained in chapter VI, the loss which has not been determined in pursuance of a return filed in accordance with the provisions of section 139(3), shall not be allowed to be carried forward and setoff under section 72, section 73, section 73A, section 74 or section 74A. In simple terms if Income tax return has filed after due date as prescribed by section 139(1) then