banner_ad

setting of previous year loss in comapny balance sheet

This query is : Resolved 
Profile Image

Profile Image

(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
Profile Image

CA PARAS BAFNA

Profile Image

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.
Profile Image

CA Vijay Kumar Walande

Profile Image

CA Vijay Kumar Walande (Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details