We have all heard about the ill-effects of not filing returns of income on time. And the list is not short, which starts with interest, penalty and goes up to inability to claim carry forward of losses. The Income Tax Act provides that losses can be carried forward only if the return has been filed within the time prescribed under the Act.
Neha Malhotra, Executive Director contrinuted an article on Can’t carry forward losses due to late filing of return? Apply to local tax authority for relief for Financial Express.