Any person who has suffered a loss in any previous year under the head Profits and gains of business or profession” or under the head ‘Capital gains” and intends to carry forward and set off such loss against the profits of the subsequent assessment year or years, should file the return of loss by the due date mentioned in section 139(1), otherwise the right to carry forward of losses will not be available.
(i) It is not mandatory to file a return of loss (except in case of a company or a firm) as there is no taxable income.
(ii) Vide Circular No. 8/2001, dated 16-5-2001 — Delay in filing the return of loss may be condoned by the board L by virtue of powers u/s 11 9(2)(b) of the Act.
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