Set off of previous year business losses
This query is : Resolved
VIDYAMANI B S
(Querist)
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..
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..
CA Ashwani Agarwal
(Expert)
11 August 2011
Both can be claimed.
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).
i) b/fd business loss - section 72(1).
ii)unabsorbed depreciation - section 32(2).
11 August 2011
right said by BC Sir... :)
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