Set -off Brought forward Losses above 8 years
This query is : Resolved
12 December 2009
Dear expert
plz give detailed clarification about brought forward business losses which is carry forearded above 8 years, that can be sat off from following income in current year:-
1. U /s-41(1)Deemed business income,
2.U/S-41(3)- sale of capital Assets which is used in Scientific Reaserch(100% allowed in that year),
3.u/s-41(4)-Recovery of Bade debts and 4.u/s-41(4A)-- special provision of 36(1)(vii) written back
what are consequences? if such losses are discontiniued business.
plz give detailed clarification about brought forward business losses which is carry forearded above 8 years, that can be sat off from following income in current year:-
1. U /s-41(1)Deemed business income,
2.U/S-41(3)- sale of capital Assets which is used in Scientific Reaserch(100% allowed in that year),
3.u/s-41(4)-Recovery of Bade debts and 4.u/s-41(4A)-- special provision of 36(1)(vii) written back
what are consequences? if such losses are discontiniued business.
12 December 2009
Losses more than 8 assessment years cannot be set off.
Section 72(3)
Section 72(3)
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