Set-off of losses u/s 44AD
This query is : Resolved
09 January 2020
Dear Experts,
Suppose in Assessment year 2018-19 the profit was calculated under normal provisions of IT Act and resulted in a loss of 1,00,000 which was carried forward. (this did not have any unabsorbed depreciation - only normal business loss)
In the next year (Assessment year 2019-20) the assessee opted for presumptive taxation u/s 44AD and this resulted in a deemed profit of 1,20,000.
The question is, can the last year loss of 1,00,000 be set-off against the current year deemed profit (under section 44AD) of 1,20,000.
Thanks in advance for your guidance
Suppose in Assessment year 2018-19 the profit was calculated under normal provisions of IT Act and resulted in a loss of 1,00,000 which was carried forward. (this did not have any unabsorbed depreciation - only normal business loss)
In the next year (Assessment year 2019-20) the assessee opted for presumptive taxation u/s 44AD and this resulted in a deemed profit of 1,20,000.
The question is, can the last year loss of 1,00,000 be set-off against the current year deemed profit (under section 44AD) of 1,20,000.
Thanks in advance for your guidance
09 January 2020
Yes, can be set off.
Message likes :
1 times
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- Sales of goods of amount Rs97 lakhs to a party
- CREDIT NOTES WITHOUT GST
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Invertaded duty struture
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
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
