Losses of a 100% subsidiary be set off
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 June 2013
Can the losses of the 100% subsidiary be set off with that of the Parent Company
CMA Ramesh Krishnan
(Expert)
16 June 2013
No, even though holding & subsidiary, both are different entities under income tax, you cannot set off the losses of subsidiary company
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Guest
Guest
(Expert)
16 June 2013
If you have set off the losses of subsidiary companies.
Then under Income tax act, as per the provisions of MAT u/s 115 JB, the losses will added back to calculate book profit for the purpose of levy of tax on book profits
Then under Income tax act, as per the provisions of MAT u/s 115 JB, the losses will added back to calculate book profit for the purpose of levy of tax on book profits
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