Nournal entry for set off business losses---
This query is : Resolved
Querist : Anonymous
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..
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..
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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