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BB Sir - Compact Nov 24 (CAF) - 235

The document outlines the rules regarding the carry forward of house property losses and unabsorbed depreciation, stating that these can be carried forward even if the return is filed late. It details the conditions under which the Income Tax Authority may condone delays in filing loss returns, including revised monetary limits effective from June 1, 2023. Additionally, it explains the implications of filing a belated return, including restrictions on loss carry forward and potential penalties.

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48 views1 page

BB Sir - Compact Nov 24 (CAF) - 235

The document outlines the rules regarding the carry forward of house property losses and unabsorbed depreciation, stating that these can be carried forward even if the return is filed late. It details the conditions under which the Income Tax Authority may condone delays in filing loss returns, including revised monetary limits effective from June 1, 2023. Additionally, it explains the implications of filing a belated return, including restrictions on loss carry forward and potential penalties.

Uploaded by

strangerk2004
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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a can be set-off even if return filed after due date.

L 0

House property losses & unabsorbed depreciation can be Carry Forward even if return late filed.
2 he condition stipulated/ enumerated in sec. 80 applies only for the year in which the loss was
A serained/incurred. It does not apply to the ROI of the year in which carry forward is claimed.
Govind Nagar Sugar Ltd. (2011) (Delhi): Unabsorbed depreciation will be allowed to be c/f to
Eesubsequent year even though the ROT of the current AY was not filed within the due date u/s 139(1).
yic per CBDT Circular, Loss can be c/f even if ROT filed after due date and delay in filing of loss
eturn in case of genuine hardship can be condoned by:
Authority Return Losses
CIT/ PCIT upto ~ 10 lakhs
CCIT/ PCCIT > = 10 lakhs upto = 50 lakhs
| cCBDT > = 50 lakhs
4 Monetary limits have been revised w.e.f. 1.6.2023 vide Circular No. 7/2023:
| | Authority Return Losses
j CIT/ PCLT upto € 50 lakhs
| Cert > = 50 lakhs upto % 2 Crores
| PCCIT >< 2 Crores upto % 3 Crores
r=
=
CBDT >% 3 Crores
6. Condonation application can be made within 6 years from end of AY. IT Authority will dispose
application within 6 month from end of the month in which application is received.

Sec 139(4): Belated Return


_If Assessee fails to File return within due date then he can file belated return with in following
| time limit:
Y Before the three months prior to end the of the relevant AY ( 31° Dec. 24 for AY 24-25)
OR
v Before completion of Assessment
| Whichever is earlier
* Consequences of belated return
No carry forward of specified loss as per sec 80.
: No deduction of certain Income u/c VI-A (80-IA to 80RRB) and u/s IOAA as per 80AC.
Interest u/s 234A i.e. 1% pm or part of the month.
Late filing fees u/s 234F i.e. ¥ 5,000/1000.
Interest on refund u/s 244A calculated from the date of filing of ROI and not from 1° April of
AY.

Compact CA Bhanwar Borana

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