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<h1>Filing Business or Capital Losses Late? Section 139(3) Requires Timely Returns, but CBDT May Offer Relief.</h1> Under Section 139(3) of the Income Tax Act, if a person incurs a loss under 'Profits and gains of business or profession' or 'Capital gains' and wishes to carry it forward, they must file a return of loss in the prescribed form and within the time allowed under Section 139(1). Losses such as business loss, speculation business loss, capital loss, and loss from race horses cannot be carried forward if the return is not timely filed. However, the Central Board of Direct Taxes (CBDT) may condone delays in genuine hardship cases. Unabsorbed depreciation can be carried forward even if filed late.
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