computation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 June 2010
Require help for the below mentioned query:
1. Can loss from business be carry forward by an individual (proprietary concern), and set-off against which head?
2. If business loss is not a loss in total, i.e. before deducting depreciation it shows a profit, can we claim and carry forward unabsorbed depreciation?
3. Please verify if the below mentioned computation is correct or not:
Computation of Income: AY 2011-2012 (proprietary concern)
a. Income from Salaries : 700,000
b. Loss from business : (140,000)
c. Deduction U/Sec.
80 D (self and fly) : 8,000
80 D (parents sr.citizens) 18,000
80 C : 100,000
d. TDS on salary : 50,300
e. Advance Tax : NIL
Taxable Income : 574,000 (700000-8000-18000-100000)
(other than business loss)
Tax on Income : 48,800
Cess (3%) : 1,464
Total : 50,264
Rounded : 50,300
Less: TDS : 50,300
Tax Payable : NIL
Carry forward losses : (140,000) for 8 years.
1. Can loss from business be carry forward by an individual (proprietary concern), and set-off against which head?
2. If business loss is not a loss in total, i.e. before deducting depreciation it shows a profit, can we claim and carry forward unabsorbed depreciation?
3. Please verify if the below mentioned computation is correct or not:
Computation of Income: AY 2011-2012 (proprietary concern)
a. Income from Salaries : 700,000
b. Loss from business : (140,000)
c. Deduction U/Sec.
80 D (self and fly) : 8,000
80 D (parents sr.citizens) 18,000
80 C : 100,000
d. TDS on salary : 50,300
e. Advance Tax : NIL
Taxable Income : 574,000 (700000-8000-18000-100000)
(other than business loss)
Tax on Income : 48,800
Cess (3%) : 1,464
Total : 50,264
Rounded : 50,300
Less: TDS : 50,300
Tax Payable : NIL
Carry forward losses : (140,000) for 8 years.
26 June 2010
1. Business loss can be carried forward and first allowed to be set off aginst Business Income and then from other incomes except Salary.
2.Yes you can get benefit of unabsorbed depriciation for unlimited periods.
3. your computation method is correct (arithmatical accuracy not checked).
2.Yes you can get benefit of unabsorbed depriciation for unlimited periods.
3. your computation method is correct (arithmatical accuracy not checked).
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 June 2010
thanks srikant
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