Assessment of firm
This query is : Resolved
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.
in this case my doubt is which loss i should claim first from the current year profit.
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.
The reason being that business loss can be carried forward only for 8 year whereas unabsorbed depreciation can be carried forward indefinately.
07 June 2012
thank u very much
07 June 2012
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