RETURN OF COMPANY

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ACMA VINEET TRIPATHI (Querist)

16 September 2010 DEAR SIR,
IN A COMPANY BUSINESS LOSSES ARE CARRIED FORWORD SINCE 8 YEARS. SO FROM THIS ASSESSMENT YEAR WE CAN CARRIED FORWORD. SO HOW CAN I PRESENT IT IN MY TALLY DATA, IN BS, IN PL, & IN ONLINE ITR FORM. PLZ GUIDE ME AS SOON AS POSSIBLE.

sagar

sagar (Expert)

17 September 2010 Hi,
you are right that business loss is carried forward for 8 years. Business loss is different from book loss in accounts. so calculated separately as per income tax act. How ever accounts that u prepare is not on the basis on Income tax act, there are some adjustments.

carring forward a business loss is off accounts record and you will have to show only in returns. so from your past returns you can know how long a loss has been carried forward, no need to keep in tally

ACMA VINEET TRIPATHI

ACMA VINEET TRIPATHI (Querist)

18 September 2010 how can keep in tally data. balances should be change

sagar

sagar (Expert)

18 September 2010 yes loss as per tally will not match as per income tax returns.. because income tax computation is as per income tax act.
Now you should not and do not confuse yurself. Just keep your tally data as it is. and keep your income tax returns, in next year you will know what to do.
If still have doubt, I will help you

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