interpretation of Sec. 73
This query is : Resolved
26 September 2008
As per sec. 73 amendment..w.e.f. A.Y. 05-06, the permissible years of carry forward of losses are 4..(before that it was eight).. so what will be the consequence for the loss which are already been carry forwarded as on A.Y. 05-06..
Suppose loss incurred in A.Y. 2003-04 will be carry forward till 8 yrs. or 4 yrs.?
Suppose loss incurred in A.Y. 2003-04 will be carry forward till 8 yrs. or 4 yrs.?
26 September 2008
such amendment was made by finance act 2005 which came into effect from 1-4-2006. As per sec74(4) No loss shall be carried forward under this section for more than four assessment years immediately succeeding the assessment year for which the loss was first computed. law makers had not insertet such amendment with retrospective effect. loss inccured only after such amendmend shall be c/f for 4yr. thus,loss incurred in A.Y. 2003-04 will be carry forward for 8 yrs
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
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Rent lease agreement
- Relief u/s Section 89
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Agriculture income or business income
- Supply through E-commerce Operators
- 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
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
