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C/f and set off of losses

Tejas shah (Sweeper) (163 Points)

19 September 2019

Can business loss of AY 2011-12 be adjusted against profit of AY 2019-20???

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4 Replies

Kapadia Pravin (17264 Points)
Replied 20 September 2019

Such loss can be carried forward for eight years immediately succeeding the year in which the loss is incurred.
Hence AY 2011-12 can be adjusted against profit of AY 2019-20.

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Suresh Babu (8 Points)
Replied 20 September 2019

If it is non speculative business, can be carried forward and set off upto 8 years.. Loss of FY 10-11 can be set off till FY 18-19.

Kamlesh Batra (CA) (61 Points)
Replied 20 September 2019

Loss can be carried forword upto 8 assessment years immediately succeeding the year in which it is occured if it not occured from speculation business.
Therefore loss of A.Y 2011-12 can be set off against the profit of AY 2019-20.