CARRY FORWARD OF BUSINESS LOSS
This query is : Resolved
11 September 2009
My question is,
My company incurred business loss of Rs.80 lacs in the year AY 2004-05, asst is over and entire loss allowed by AO on 21st July,06.
At the time of filing return of AY 2006-07 there was a profit of Rs.25 lacs, we paid tax on entire business without adjusting Pr Yr loss.
In current Year i.e.AY 2009-10 business income is 1 cr. suggest me whether I can adjust entire loss or only 55 lacs(80-25).
My company incurred business loss of Rs.80 lacs in the year AY 2004-05, asst is over and entire loss allowed by AO on 21st July,06.
At the time of filing return of AY 2006-07 there was a profit of Rs.25 lacs, we paid tax on entire business without adjusting Pr Yr loss.
In current Year i.e.AY 2009-10 business income is 1 cr. suggest me whether I can adjust entire loss or only 55 lacs(80-25).
12 September 2009
File a rectification petition u/s 154 for claiming b/f loss in asst year 2005-06 and then in 2006-07 . The balance if any in asst year 2008-09 can be claimed in asst year 2009-10
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