Answer

1. F

   Facts

   No, for business, speculation and capital losses. Sec 80 (now Sec 121) allows carry forward of these only if the loss return is filed by the due date. House property loss and unabsorbed depreciation can still be carried forward in a belated return.

2. P

   Provisions and law

   • Sec 80, Income-tax Act 1961 (now Sec 121, Income-tax Act 2025)Losses can be carried forward only if the loss return was filed by the due date
   • Sec 139(4), Income-tax Act 1961 (now Sec 263(4), Income-tax Act 2025)Belated return can be filed after the due date, by 31 December of the assessment year or before assessment, whichever is earlier
   • Sec 139(1), Income-tax Act 1961 (now Sec 263(1), Income-tax Act 2025)Return due date: 31 July for most individuals, 31 August for non-audit business or profession, 31 October for audit cases
3. A

   Analysis

   Example: an F&O loss of ₹3 lakh in FY 2025-26 can be set off against other income in the same year except salary, even in a belated return, but the unadjusted loss cannot be carried forward. If you are an audit case, your due date was extended to 21 November 2026, so you may still be in time.

4. C

   Conclusion

   1. 1Check your exact due date by type of return
   2. 2If still in time, file before the due date
   3. 3If late, set off the loss in the same year where allowed
   4. 4Note the loss lost for future planning
   5. 5File on time next year if losses are likely

A loss return filed one day late cannot carry business or capital losses forward.

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.