TIME LIMIT FOR CARRY FORWARD AND SET OFF OF SUCH LOSS UNDER SECTION 73A
REVISED GUIDELINES FOR STAY OF DEMAND AT THE FIRST APPEAL STAGE(PRESS RELEASE DT.03.03.16)
November 10, 2016PROVIDING LEGAL FRAMEWORK FOR AUTOMATION OF VARIOUS PROCESSES AND PAPERLESS ASSESSMENT
November 10, 2016Section 80 mandates the assesses to file a return of loss within the time limit specified under Section 139 (1) in order to carry forward and set off such loss. In other words, non-filing of a return of loss, within the specified time limit, disentitles the assesses from carrying forward and setting off such loss
Accordingly, it is proposed to amend Section 80 so as to include that the loss computed in respect of specified business referred in Section 35AD shall not be allowed to be carried forward and set off if such loss has not been determined in pursuance of a return filed within the time limit specified in Section 139 (1).
Consequential amendments are proposed in Section 139 (3) to give reference of sub-section (2) of Section 73A in the said sub-section.
These amendments will take effect retrospectively from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent years