It is advisable to file your income tax return within due date even in case of loss otherwise the benefit of carry forward of loss will not be available.  You should file the return of loss within the prescribed time limit for the purpose of claiming benefit of loss incurred in the relevant assessment year as per the Income Tax Act, 1961 (the Act). Once you file the return of loss within time limit, you can claim the benefit of carry forward losses to be set off with the income of subsequent years. For the return of subsequent years, you can claim the benefit of carry forward losses even if the return is belated return as per the Act. But if the return is not filed within the due date no loss shall be allowed to be carry forward under the head “Business or Profession” or under the head “Capital Gain.” Further late filing of return will also attract interest provisions under section 234A of the Act. Tax Returns for Financial Year 2010 -11 (March 2011) has started.  Just mail us Form16/ Salary Certificate and details of other income, at  info@taxmantra.com . We would take it from there to file your return of income. Taxmantra.com provides complete online taxation solutions for individuals ( Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered. Once you file your tax returns with us, you will agree to the fact that Taxmantra.com provides the most easiest and efficient way of filing tax returns in India. Taxmantra.com- Providing Complete Online Tax Solutions for Individuals, Not Just Returns .