c/f /claims of set off for the fin. year 11-12

This query is : Resolved

Pritesh Vithlani (Querist)
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13 April 2012 Set off for the fin. year 11-12 is less than Rs 1,00,000. Can it be carried forward to next year or refund has to be claimed in that fin. year?

CA CS Pawan Jajoo

CA CS Pawan Jajoo (Expert)
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14 April 2012 Yes you can c/f less than 1 lac.

CA Kishore Tallam

CA Kishore Tallam (Expert)
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14 April 2012 There are no minimum amounts presribed for carry forward losses. If u r eligible, u can carry forward losses of any amount.

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CA CS Pawan Jajoo

CA CS Pawan Jajoo (Expert)
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14 April 2012 Priteshji

I would like to correct my word, you can not carry forward excess credit from 11-12 to 12-13 as per sec 50(2) of Mvat Act 2002.

And no circular for carry forward is came, so until the circular comes you will have to take refund of that amount.

Current circular is for 09-10 only,

Expert opinions are invited.

Prakash Kochar

Prakash Kochar (Expert)
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17 April 2012 AS ON DATE THERE IS NO CIRCULAR FOR C/F. OF REFUND RELATED TO MARCH 12 TO SUBSEQUENT YEAR UNDER MVAT.
REVISED REPLY OF EXPERT IS CORRECT.