I run a business of Textiles. Last year, my business suffered a terrible loss and as a result, ther…
I run a business of Textiles. Last year, my business suffered a terrible loss and as a result, there is no positive income? Should I file an ITR for loss?
Chiranjibi Jun. 27, 2018
You should DEFINITELY file your return of Income, and within the proper due date if you incur losses in your business. You should also file your returns when there is a profit too, but let's not talk about that.
If your business has incurred losses, file your returns and before the due date. You can claim this losses in the further years.
You CAN NOT carry forward your losses in the next year if you don't file your return, or if you file it after the due date.
Check out the due dates here.
