Veeranagouda Patil (article assistant) (32 Points)
23 September 2016Can a domestic company(which has filed return before the due date) having no operation in previous year carry forward its business loss in the relevant assessment year?
CA Neha Agrawal
(CA)
(825 Points)
Replied 23 September 2016
Business loss can be forward for 8 years immediately succeeding the year in which loss is incurred. Deduction can be claimed only against income charged to tax under the head "Profits and gains of business or profession".
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