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Assessment of firm

This query is : Resolved 
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(Querist)
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.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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honnur vali

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honnur vali (Querist)
07 June 2012 thank u very much
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
07 June 2012 You are welcome. You should use the thanks button to convey your thanks.
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