Mat
This query is : Resolved
29 December 2015
I want to know that Deduction from Books frofit Under section 115JB Brought Forward Depreciation and Carry Forward Losses is Taken as per Books of as per Income Tax Act
29 December 2015
Hi Ajay,
For Deduction of BF Depreciation and Carry Forward Losses you have to draw the calculation of book loss for preceding years as per MAT Provisions.
In short take Profit/Loss as per Schedule VI and make adjustments u/s 115JB and final figure i.e. Book Loss or UAD whichever is lower, you can set it off against current yea's profits.
Regards,
Chirag M. Haraniya
For Deduction of BF Depreciation and Carry Forward Losses you have to draw the calculation of book loss for preceding years as per MAT Provisions.
In short take Profit/Loss as per Schedule VI and make adjustments u/s 115JB and final figure i.e. Book Loss or UAD whichever is lower, you can set it off against current yea's profits.
Regards,
Chirag M. Haraniya
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