EASYOFFICE
EASYOFFICE

Assessment of firm

This query is : Resolved 

06 June 2012 A firm has profit in the current year but it has brought forward business loss & Dep loss from Previous Year.
in this case my doubt is which loss i should claim first from the current year profit.

06 June 2012 First business loss shall be set off and thereafter unabsorbed depreciation.

The reason being that business loss can be carried forward only for 8 year whereas unabsorbed depreciation can be carried forward indefinately.

07 June 2012 thank u very much


07 June 2012 You are welcome. You should use the thanks button to convey your thanks.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries