Hi guys 👋 in this blog let's see how manage return of loss. Where loss RSS under business professions capital losses spony maintenance of race horse then the same has to be filled as per the timelines mentioned in Section 139 this provision read along with Section 80 specified that unless the return of filled within that you did that surface losses the benefit of carry forward only carry forward losses will be lost how aware set of losses in the same your can be made even when return is not filed only in the year in which the loss has been incurred the return has to be filed with in the due date this provision is not applicable for the losses under the head house property that is loss from HP can be carried forward even its return is not file cbdt has further clarified that assessi has to be file return of loss in a sown interest non receipt of notice from the assessing officer recquiring him to file the return cannot be valid excuse under any circumstance of the non filing of such written belated written amendment in finance at 2016 any person who has not furnished attend within the time allowed to him under Section 139 the return at any time before the end of the relevant assessment year or before completion of assessment according to the amended law belated return cannot be filed beyond the end of the relevant assessment year for example the previous year 2019-20 returns have the filed by 31st March 2001 analysis of the section the term assessment used in this section means best judgement assessment completion of assessment means the date of passing singing or ordering and not the date of serving the order consequence of belated returns penalty under section to 71 to the extent of Rs 5000 interest under section 234 under section 234 f losing the benefit of carry forward of Lord deduction exemption shall not be provided if any person having furnished a return under section 131 or belated written amendment in finance act 2016 discovers any omission or any wrong statement there in he may for news revised return at any time before the expiry of 1 year from the end of the 11th assessment year or before the completion of assessment which ever is earlier. 
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