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Deeps (Article Assisstant)     27 April 2010

Carry Forward and Set- off

If an assessee incurred Business Loss during Previous Year 2001-02, can he set off such loss using current year Business Income. (AY 10-11)

According to the Act, business loss can be carried forward and set off with in 8 Assessment Years.

Hence the assessee cannot set off this loss. Am i correct?


Pl. Reply. Thanks in advance :)



 19 Replies

Santhosh Poojary

Santhosh Poojary (SIEMPRE AHÍ PARA TI)     27 April 2010

Hi Deepika,

 

As per my knowledge, in ur case assessee can set off his business loss for the Previous Year 2001-02 in AY-2010-11.

 

 

Deeps

Deeps (Article Assisstant)     27 April 2010

Loss should be set off within 8 Assessment Years. In this case starting from AY 2002-03 to 2009-10 it completes. Am i correct?

rakesh khandelwal

rakesh khandelwal (JOB)     27 April 2010

its 8 year from the end of the relevant AY in which th loss occured...

 

so loss of PY 01-02.... can be carried forward and set off..... till... AY 10-11

DT Fundas - Tarun rustagi

DT Fundas - Tarun rustagi ( Author)     27 April 2010

assesee can set off his loss in a/y 2010-2011.period of set off starts from a/y 2003-04

Nitin Grover

Nitin Grover (CS)     27 April 2010

Dear Deepika

That Business man can set off his loss upto A.Y 2010-11

1. A.Y is 2003-04 because you are incurring loss in the Prev. Year 2001- 02 means to say that A.Y 2002-03 and loss can be carry forward for next Eight years

so A.Y 2010-11 is the Eighth year and its last year and one more thind if Company amalgmated with any company in the A.Y 2010-11 then eight year for carry forwarding Losses will be start again....

 

Regards

1 Like
CA Sanjay Jha

CA Sanjay Jha (ACCOUNTS MANAGER)     27 April 2010

More and more person giving many answer but all of these answers are only one concept that is business loss carried forward up 8 assessement year.

Now calculation

Relevent case P. Y. 2001-02

Assessement Year 2002-03

Now 8 Assessment Year  1.   2003-04

                                               2    2004-05

                                               3    2005-06

                                               4     2006-07

                                                5    2007-08

                                                 6   2008-09

                                                  7  2009-10

                                                  8   2010-11

YES SET OFF Possible

1 Like
CA Mohit kumar jain

CA Mohit kumar jain (Searching Source of Money)     27 April 2010

u making calculation mistake  correctly calculate assessee set off it

Nitin Grover

Nitin Grover (CS)     27 April 2010

Dear Sanjay Sir

Nice Explantion but sir you should not pinched any body else and for your kind information if u see a prior message then you i have cleary written its your last year for set off and Deepika is not a KID she can also calculate

 

so thanks for your such a nice and simple mathood but pls pls dont pinched other friends

thanks for participation and pls do more

we all need you help

 

Thanks and Regards

CA Sanjay Jha

CA Sanjay Jha (ACCOUNTS MANAGER)     27 April 2010

Originally posted by : Nitin Grover

Dear Sanjay Sir

Nice Explantion but sir you should not pinched any body else and for your kind information if u see a prior message then you i have cleary written its your last year for set off and Deepika is not a KID she can also calculate

 

so thanks for your such a nice and simple mathood but pls pls dont pinched other friends

thanks for participation and pls do more

we all need you help

 

Thanks and Regards

Sorry NITIN G

If u Think that I have pinching u.

But my intention is not so type.

I think No any one member's in CACLUBINDIA  have to intention to pinch other members.

All the member are only one intention share own IDEA.

So I again sorry.

Thanks

1 Like
Nitin Grover

Nitin Grover (CS)     27 April 2010

Dear Sir

 

Pls dont say Sorry

you are so much respected person for me pls sir

 

thanks

Deeps

Deeps (Article Assisstant)     27 April 2010

Thanks everybody :)

In Singhania Book it is given as "Business Loss pertaining to the assessment year 1988-99 can be adjusted upto Assessment Year 1996-97". So only, i calculated and said 8 Assessment Year is completed.

Pl. clarify

CA Sanjay Jha

CA Sanjay Jha (ACCOUNTS MANAGER)     27 April 2010

Dear Deepaka

A. Y. 1988-89 loss carried forward upto 8 assessement year i. e.

90-91

91-92

92-93

93-94

94-95

95-96

96-97

97-98

But if singhania book written upto 1996-97 then may be possible Printing Mistake

1 Like
Nitin Grover

Nitin Grover (CS)     27 April 2010

Dear Deepika yes u r right pls refer exlanation of mr. sanjay its good Dear u r saying loss incurred in A.Y 1988-89 (P.Y 1987-88) and as per rules Eight years starts from the next previous year means to say that A.Y 1989-90 (P.Y 1988-89) so calculate eight years from their

1. 1989-90

2.  90-91

3. 91-92

4.  92-93

5. 93-94

6. 94-95

7.  1995-96

8. 1996-97

 

Regards

Nitin Grover

Nitin Grover (CS)     27 April 2010

Dear Sanjay sir

 

pls correct me if i am wrong

every lear for counting of Loss begins from the next year in which loss has incurred so in this case loss incurred in 1988-89 so period must be begin from 1989-90

1 Like

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