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SET OFF lOSSES OF PREVIOUS YEAR

This query is : Resolved 
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(Querist)
28 September 2010 I AM ACCOUNTANT IN A PVT LTD COMPANY & COMPANY HAD 50,000/- LOSS IN LAST YEAR BUT IN AY 2010-11 COMPANY HAVE 9,50,000/- PROFIT.
CAN I SET OFF 50,000/- LOSSES WITH THIS PROFIT.
WHICH IS THE TAXABLE INCOME
1) 9,50,000 - 50,000 = 9,00,000
2) 9,50,000

PLS TELL ME
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CA. Aryendra

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CA. Aryendra (Expert)
28 September 2010 Yes, But loss should not be related to Speculative Busines,


Totoal Income
Less: Curent Year Losses
Less: Brought Forward Losses

Gross Total Income
Less: Deduction UC VI A
Taxable Income Income
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CA. Aryendra

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CA. Aryendra (Expert)
22 October 2010 yes
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