Hi everyone,
I have made around 10L loss in the year 2021-22 but didn’t file any returns on my loss.
I made around 1.5L profits in 2022-23.
I have heard that we can carry forward our losses for 8 years.
Can I file my loss of 2021-22 this year or I had to file it in 2021 to carry forward the loss.
Too late to do that. You can’t carry forward your loss.
You need to file the ITR before the deadline in order to carry forward your F&O loss. You won’t be able to do it now as per my knowledge
@Quicko Can you please comment
Losses can be carried forward only if the return had been filed on or before the due date of filing.
Yes, losses can be carried forward for 8 years after set off. Read more about Set Off and Carry Forward of Losses under Income Tax - Learn by Quicko
Since the due date to file for FY 2021-22 was 31 July 2022, you will not be able to set off or carry forward the loss as the return has not been filed by the due date.
Hope this helps.