carry forward n set off
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 August 2010
as per sec 73A any loss computed in respect of any specified bussiness referred to in section 35AD shall be set off only against profits n gains of any specified business.....but what is the time limit of this set off or carry forward?
03 August 2010
There is no section like Section 73A in Income Tax Act.
I think normal provisions only apply to loss as per section 35AD as is applicable to business loss.
I think normal provisions only apply to loss as per section 35AD as is applicable to business loss.
03 August 2010
Finance (No.2) Act ,2009 has inserted this section w.e.f 01/04/2010.
Section 73A(2) has a restriction ie., subject to the other provisions of this chapter. Hence,as per my understanding, section 72(3) can be applied which means maximum carry forward period is 8 years.
Section 73A(2) has a restriction ie., subject to the other provisions of this chapter. Hence,as per my understanding, section 72(3) can be applied which means maximum carry forward period is 8 years.
Message likes :
1 times
03 August 2010
Forgot the new setion amended.
It states if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on and subject to other provisions of the chapter which would be eight years only.
It states if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on and subject to other provisions of the chapter which would be eight years only.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- TDS Claim year
- Sales amount in Gstr1
- Supply through E-commerce Operators
- Relief u/s Section 89
- Rent lease agreement
- TDS Challan Code
- Entries in AIS regarding sale of units and shares
- Suggestions required for income tax filing-software (FY 2025-26)
- SALE BILL AGAINST GOODS RETURN
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
