03 December 2012
business loss is 1 lakh depreciation loss is 0 profit is to be adjusted 80,000/- for the assessment year 2010-11 then tax under 115jb will be zero is it right
03 December 2012
For the purpose of calculating profit under MAT, brought forward business loss or depreciation loss whichever is lower can be adjusted against profits.
In this case, since depreciation loss is nil, you cannot reduce business profit by claiming brought forward business loss of Rs. 1 lakh.
CAclubindia
