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Definition of total income (urgent)

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(Querist)
20 May 2013 Dear Sir/Madam,

Whether total income is after set-off loss and depreciation of previous years or it is before set-off of losses and depreciation of previous year. I hv apply for one of my client lower deduction u/s.197 for F.Y 2013-14 they said applicability of section 115JC but in my case as per normal provision no tax payable cause of set off losses and depreciation of previous year against A.Y 2013-14 and A.Y 14-15. so there is no tax payable A.O said the total income before set off losses and depreciation of previous year i guess it is after set off of losses and depr of prv years.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 May 2013 Total income is after setting off c/fd business loss and depreciation.

Ref:- i) Chapter II of Finance Bill / Act.
ii) Part I, 1st Schedule of Finance Bill.
iii) Section 2(45) of the IT Act,1961.
iv) Corollary to section 80(B)(5) of the IT
Act,1961.
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