We got a doubt about setting off business loss against set off in next year. Sir, Can we set-off carry forward business loss (no provision income & loss) against same business profit from current year
it is liable to pay MAT or not?
Example = We have a loss of Rs, 10,00,000/- in the year of a.y.11-12 & profit in the next year is 5,00,000/- then this profit can I take set-off from last year losses or not.
If yes then can I applicable to Pay the MAt.