LOSS RETURNS
Sec. 139(3) - Loss return The assessee whose return includes loss under the head capital gain and / or Business profit shall not get the right to carry forward and set-off in subsequent years return, unless the return is actully filed before the due date.It means, the carry forward of say Short Term Capital Loss of Rs.50000/- for Assessment Year 2002-03 if lost would mean that next year the assessee may have to pay Income Tax on such Short Term Capital Gain next year which may run in thousands of rupees and so on.