If disclose 10 cr. rupees to income tax dept. on which taxes paid, can be carry forward such paid amount after five years. If on the file shows short term capital loss heavily.
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Income tax claim
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Pl write clearly. I could not understand your query.
Thanks for your reply. Sir, Rs. 10 crore disclose to Income Tax Department, on which taxes paid (Assume tax : 3 cr) on that time (FY 2008-09). There is a Balance Sheet for the FY 2013-14, Shows Income Tax Assessment for the year 2009-10, as Debit Balance (Current Asset) Rs. 3 Cr and Capital increase Rs. 3 Cr. Can it be possible, whats the rule says?
As per my understanding of your query
If you have paid the income tax, at any point of time your capital will be reduced but how it will get increased
If you wanted to write off your current asset then it will be reduction of capital rather increase of capital.
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