15 July 2010
hi Should we set off the loss brought forward of trust excluding the basic exemption limit or should we set off the entire profit against brought forward loss. Eg:Profit Rs. 400000 BF losses 900000 So should we set off only Rs.240000/- after leaving the basic exemption of 160000/-.
2.For how many years can we carry forward the losses.
15 July 2010
hey Loss can be set off to the extent possible. Since there is nothing specifically given in the act regarding this, loss can be set off to the extent of 240000/-. and the balance can be carried forward for 8 years
CAclubindia
