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Nournal entry for set off business losses---

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 May 2014 what entry to be passed to set off the losses of previous years in books of accounts, details given hereunder-

Income less expenses in a year INR 1500000
(3500000-2000000)

Losses for preceeding 6 Years :- 12,00,000/-
Net Profit for the year after set. off losses :- 3,00,000/-

Please resolve this doubt..
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
04 May 2014 if you are talking about setting off of carried forward tax losses, no enteries are passed in the books of accounts for tax adjustment.
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