My loss as per Accounts is Rs. 386000/-( which is appearing in balance sheet) and loss(to be carryforward) after disallowances as per Income tax is only Rs. 121700/- (which is appearing in IT computation) now pls suggest me how should I reconcile between these two loss figures. what about the difference Rs.264300 (386000-121700) how should I deal with this amount.
Cant I adjust 386000 to the current year profit or should I have to adjust only Rs.121700
suppose if I adjust Rs.121700 only in the current year income what about the balance (264300). Should I need to writeoff that. pls suggest the possible courses of actions which had to be done under the shelter of accounts and Income taxes.
CAclubindia
