GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Return of loss before the due date mentioned u/s 139(1)
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Return of loss
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Or not furnished the return of loss
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None of these
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Detailed explanation-1: -only if the return of income/loss of the year in which loss is incurred is furnished on or before the due date of furnishing the return, as prescribed under section 139(1). Such loss can be carried forward for eight years immediately succeeding the year in which the loss is incurred.
Detailed explanation-2: -A tax loss is different from a capital loss. If you make a tax loss in an income year you can carry it forward and deduct it in future years against income for tax purposes. Certain deductions can’t be used to contribute to a loss. the tax losses relate to a time before you were declared bankrupt or released from debt.
Detailed explanation-3: -Speculative Business Loss Cannot be carried forward if the return is not filed within the original due date.