Set off and brought forward losses

This query is : Resolved

Kapil Ramesh Khivansara (Querist)
Follow

02 August 2013 Suppose we have a profit of Rs. 7.00 Lacs in Current year and brought forward losses of Rs. 11.00 Lacs so while taking setoff of brought forward losses in current year Deduction under Chapter VIA upto Rs. 1.00 Lac and Basic exemption Limit of Rs. 2.00 Lacs should be considered thus reducing the brought forward loss only by Rs. 4.00 Lacs and balance to be carried forward Rs. 7.00 Lacs

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

02 August 2013 Find out GTI then apply the provisions of set off and carry forward and den apply chapter VI-A deductions.

Message likes : 1 times

Paras Chheda

Paras Chheda (Expert)
Follow

02 August 2013 Kapil you have to set off Rs. 7,00,000/- of loss with current years profit. You can't take benefit of Deduction first & then use set off & carry forward.

Message likes : 1 times

Kapil Ramesh Khivansara

Kapil Ramesh Khivansara (Querist)
Follow

02 August 2013 but can we take the benefit of basic exemption limit of Rs. 2.00 lacs and take less setoff accordingly

Paras Chheda

Paras Chheda (Expert)
Follow

02 August 2013 No you cannot take benefit of Basic exemption limit also if your carried forward loss is more than your current year's profit (as in ur case)

Message likes : 1 times

Kapil Ramesh Khivansara

Kapil Ramesh Khivansara (Querist)
Follow

02 August 2013 Ok Thanx alot Paras and Tushar

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Jagdeep Kaur

RAVINDRA JOSHI

Jaipal Singh

AJAY Kumar Agrawal

CA K GIRIDHAR

Subscribe Now

Set off and brought forward losses

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA