GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Even if the return is furnished after the due date
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Even if the return is not furnished
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Only if the return is furnished before the due date mentioned u/s 139(1)
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None of these
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Detailed explanation-1: -Loss under the head “Income from house property” can be carried forward even if the return of income/loss of the year in which loss is incurred is not furnished on or before the due date of furnishing the return, as prescribed under section 139(1).
Detailed explanation-2: -You cannot carry forward loss to future years if the income tax return for the year in which loss is incurred is not filed within the due date as per Sec 139(1). However, if you have incurred loss under head house property, you can carry forward the loss even if the return is filed after the due date.
Detailed explanation-3: -If the return of loss is not submitted or is submitted after the due date, such losses cannot be carried forward.
Detailed explanation-4: -In simple terms if Income tax return has filed after due date as prescribed by section 139(1) then according to section 80 no loss from Profit and Gains of Business or profession or Capital Gain can be carry forward and setoff to next year.