CA Subin VR (Practicing CA) (450 Points)
20 November 2013A company has not filed income tax return for the last year.
Carried forward loss upto the last year is 10 lakhs.
Whether this 10 lakhs can be considered carried forward loss as per books of account for the purpose of MAT calculation ?
(If the company has filed return but, belately whether the above can be considered for MAT purpose )
Shivashish
(Chartered Accountant)
(2796 Points)
Replied 22 November 2013
Yes it can be considered, since books of accounts are prepared on the basis of schedule VI where we do carry forward loss of previous year in our books. Also the provision says that Loss as per books of accounts and (not carried forward under IT act).
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