11 August 2011
Hi, Could some body let me know, what is the amount of losses which can be set off against current year profits for calculation of tax payble for a domestic comapny. We have Business depreceiation loss + Ordinery business loss. Is it only business loss can be claimed or is it the total? Thanks in advance..
11 August 2011
The following priorities in the c/fd and set off has to be observed:- i) b/fd business loss - section 72(1). ii)unabsorbed depreciation - section 32(2).
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