Advance tax and carry forward loss

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2011 An asses see has substantial carry forward loss including depreciation. Whether he can adjust this while computing advance tax for (i)any quarter of the Financial year? or (ii) for the whole year?

CA Navin Jain

CA Navin Jain (Expert)
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13 September 2011 YES, HE CAN ADJUST THE CARRY FORWARD LOSS WHILE CALCULATING TO ADVANCE TAX, HOWEVER IN THAT CASE KEEP IN MIND WHETHER, MAT LIABILITY IS ARISE OR NOT, IF YES, THEN ADVANCE TAX TO BE DEPOSITED EXTEND TO MAT LIABILITY.

Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2011 Thanks Expert Mr. Navin Jain. Pl indicate reference (Section/ Rule/ Circular etc) under which advance tax can be adjusted against carry forward loss/ unabsorbed depreciation.

CA Navin Jain

CA Navin Jain (Expert)
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13 September 2011 FOLLOWING POINTS TO BE CONSIDERING WHILE CALCULATING ADVANCE TAX---

PROFIT FOR THE PERIOD

LESS-

1. CARRIED FORWARD LOSS
2. MAT CREDIT
3. TDS/ TCS

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