Definition of total income (urgent)
This query is : Resolved
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.
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.
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.
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.
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
- STCG....................................................
- Supply through E-commerce Operators
- TAN for Partnership
- Relief u/s Section 89
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Loan by Partnership Firm
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
