set off losses
This query is : Resolved
30 June 2009
Copmany is filling a late return of p.y 2007-2008 now and it has made profit in the particular yr and company has c/f losses of the previous yr , can that company set off losses against 07-08 p.y profit.
as per sec 80 it says if the company has loss in the yr and return is filled late then u can not c/f and set off such losses
pl guide
as per sec 80 it says if the company has loss in the yr and return is filled late then u can not c/f and set off such losses
pl guide
Ratan Sharma
(Expert)
30 June 2009
Hi,
Yes, you can set off the losses of preceeding years in the F.Y. 2007-08. If the return is filed after due date then the loss of the current year can not be carried forward but the losses of the earlier years can be set off against the income of the current year.
Yes, you can set off the losses of preceeding years in the F.Y. 2007-08. If the return is filed after due date then the loss of the current year can not be carried forward but the losses of the earlier years can be set off against the income of the current year.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
