TaxTMI 
TaxTMI 
Income tax return has not been filed on time co has business losses carried forward can we file belated return and carry forward the loss what options w ehave
Belated return - carry forward loss
05 May 2009 
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Carry forward of business losses requires timely filing of the loss return to preserve loss setoff rights in later years.
The right to carry forward business losses depends on filing the return for the loss year within the prescribed time limit and meeting statutory eligibility conditions; if the loss return is timely and eligible, losses may be carried forward and set off in later years, and subsequent belated returns may still claim those carried forward losses provided the original filing requirements were satisfied. (AI Summary)
The right to carry forward business losses depends on filing the return for the loss year within the prescribed time limit and meeting statutory eligibility conditions; if the loss return is timely and eligible, losses may be carried forward and set off in later years, and subsequent belated returns may still claim those carried forward losses provided the original filing requirements were satisfied. (AI Summary)