Losses Carry forward query

[Amey1]

What are the impact / what happens if losses are not carried forward.

E. G if anybody has made losses of 10K in equity but didn’t filled ITR or didn’t carried forward, then what happens?

If anybody don’t want to carry forward & don’t want to setuoff earlier losses then what is the impact in future, if he don’t show it or don’t file any ITR.

If after 2~3 years person wants to setup these losses then how he will be able to do that

[neha1101]

@Amey1

What are the impact / what happens if losses are not carried forward.

You will lose out on the benefit of reducing your tax liability in future years when you make profit.

@Amey1

E. G if anybody has made losses of 10K in equity but didn’t filled ITR or didn’t carried forward, then what happens?

It is mandatory that you need to file ITR, the year you made the loss. If you do not file returns you will not be able to adjust.

@Amey1

If anybody don’t want to carry forward & don’t want to setuoff earlier losses then what is the impact in future, if he don’t show it or don’t file any ITR.

no impact

@Amey1

If after 2~3 years person wants to setup these losses then how he will be able to do that

You cannot avail this benefit until and unless you file itr returns the year you incur the losses.

Disc; Not an expert do you own research please

Filing Income Tax Return incase of Loss.