Set-off of Business Loss of SEZ unit
This query is : Resolved
09 March 2011
A company is having one unit in SEZ which is eligible for tax benefits u/s 10AA
Same company is having another business which is normally taxed @ 30%
Now for 2010-11, company made profit under normal business but incurred loss under SEZ unit.
So can that SEZ loss be set off against the profit of another business, as both are incurred in the same financial year.
Same company is having another business which is normally taxed @ 30%
Now for 2010-11, company made profit under normal business but incurred loss under SEZ unit.
So can that SEZ loss be set off against the profit of another business, as both are incurred in the same financial year.
CA PARAS BAFNA
(Expert)
09 March 2011
The SEZ undertaking's profits are calculated
as if it is a separate entity.
*
Against taxable income, losses or expenses incurred for earning the income which is exempt from tax are not deductible.
*
Hence the loss can not be set off.
as if it is a separate entity.
*
Against taxable income, losses or expenses incurred for earning the income which is exempt from tax are not deductible.
*
Hence the loss can not be set off.
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