Business loss
This query is : Resolved
A NARENDRANATH REDDY
(Querist)
26 November 2014
one of my client has incurred a ordinary business loss in AY 2012-13 of Rs 13 L, we carry forward business loss, in AY 2013-14 client avail only 9L against 15 L profit.he paid balance tax.My doubt is can he adjust balance business loss in AY 2014-15 If yes please disclose section number
Neljo Davis ACA
(Expert)
26 November 2014
In my knowledge nothing is mentioned in Income Tax Act about partial availment of brought forward loss. In my opinion assesse should file revised return for the AY 2013-14 by availing full brought forward business loss and claim refund of excess remitted tax.
26 November 2014
any section number does not allows partial set off or carry forward of loss...either full loss is allowed on availibility of profits or carry forward.
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