setting of previous year loss in comapny balance sheet
This query is : Resolved
mc jayaprakash
(Querist)
29 June 2011
in the current year in a company thre is a net taxable income of about 19,32000 laksh and the tax works out to Rs. 5,97,000 ther was a loss in the last financial year to the extent of 17,20000 loss can we setoff from the current year profit before arriving the tax liability.
Please reply ASAP
Please reply ASAP
CA PARAS BAFNA
(Expert)
29 June 2011
The losses are brought forward for setting off them. Please also check provisions related with MAT also, while deciding the tax liablity.
30 June 2011
Dear Jayaprakash
Business loss can be brought forward and can be set off with current year's profit.
Since the loss is more than current year's profit. MAT provision will apply
Compute MAT after calculating book profit considering business loss.
Business loss can be brought forward and can be set off with current year's profit.
Since the loss is more than current year's profit. MAT provision will apply
Compute MAT after calculating book profit considering business loss.
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