Loss as per accounts but profit as per income tax
This query is : Resolved
27 January 2011
Sir
we are a company
we were having loss of Rs.4600/- as per our accounts in FY 2008-09.
but we reported profit of Rs. 10000/- as per income tax law in FY 2008-09.IT Return was filed on 31st march 2010.
Now, my question is that can i claim setoff of loss of Rs. 4600/- in my books of accounts in FY 2009-10.
We are having book profits in FY 2009-10.
Please help me.
we are a company
we were having loss of Rs.4600/- as per our accounts in FY 2008-09.
but we reported profit of Rs. 10000/- as per income tax law in FY 2008-09.IT Return was filed on 31st march 2010.
Now, my question is that can i claim setoff of loss of Rs. 4600/- in my books of accounts in FY 2009-10.
We are having book profits in FY 2009-10.
Please help me.
27 January 2011
Book loss always carry foemard, It is part of your balance sheet. Profit and loss account balance in your books of a/c includes this loss.
Guest
Guest
(Expert)
27 January 2011
It does not make any difference for incometax purpose
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