We are into setting up and running 3 star Budget Hotels all over India. We are incurring losses since P.Y.04-05 with business loss in P.Y. 2004-05. Now we are coming up with hotels every year and due to the high depreciation as per Tax Laws every year we have tax losses. Is there any way out to utlise the Business Loss of P.Y. 04-05 before it expires?
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Carry forward business loss after 8 years
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Business loss to the extent of depreciation will be carry forward as unabsorbed depreciation and not business loss and for unabsorbed depreciation there is no time limit.
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