30 May 2023
Our company Turn over Rs 1.00 Cr FY 22-23 Previous year Rs 1.15 Cr. Profit during the year Rs 4.85 Lakh. Carry forwarded Losses Rs 2.05 Cr and unabsorbed Depn Rs 30.40 Lakh. Now our questions are 1. Can we set off carry forwarded losses with current year profit if adopted new tax regime u/s 115BAA ? 2. Can we utilised unabsorbed Depn current year profit if adopted new tax regime u/s 115BAA ? 3. If we continue old regime carry forwarded losses to be set off on normal tax rate e.i.25%+Cess. 4. If we continue old regime carry forwarded losses or unabsorbed Depn which is utilised on Mat Tax Rate i.e 15%+ Cess.
Read more at: https://www.caclubindia.com/experts/ask_query.asp