Neutral impactCorporate Action
Filing belated ITR for AY 2026-27? Know which losses you can carry forward under income tax rules— and ones you can't
Mint 1 hr ago·4 Oct 2026, 2:18 pm
Taxpayers who missed the original deadline for filing their income‑tax return for assessment year 2026‑27 can still submit a belated return. While the return will be processed, the timing can influence how certain losses are treated for future tax years.
Under current rules, a capital loss or a loss from house‑property can be carried forward for up to eight assessment years, but only if the loss was disclosed in the original return and the return is filed within the prescribed period. Filing a belated return may reset the carry‑forward clock or, in some cases, disallow the loss altogether.
Investors should verify whether their losses were reported, confirm the filing window, and keep an eye on any upcoming amendments to loss‑carry‑forward provisions that could affect future tax planning.
Excerpt from Mint
Missing your ITR deadline does not mean you lose every tax benefit. But if you have reported a loss, filing a belated ITR can change what you can carry forward. Here’s what taxpayers with capital and house-property losses need to know. Missing the ITR deadline does not necessarily mean you can no longer file your…Read the original at Mint
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- Category: Corporate Action.
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