6 Types of Loss Allowed Even After Filing Late Return!


Carry forward of loss is very important as far as the tax planning is concerned. In previous post readers were made aware about the order of adjustment of carried forward of loss . However one of the most common way of losing the benefit of adjustment of carried forward losses is late filing of  return i.e filing return of income after the due dates.Thus , section 80 get activated. Section 80 , given below,  lays down that the carry forward of losses is allowed only when the return is filed within  due dates.

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