07 November 2009
As per MAT books profits shall be reduced by lower of unabsorbed depriciation or carried forward business loss as per books .
My query is what is carried business loss as per books. Is it carried forward loss since the inception of the entity or loss of last eight years as per IT Act.
08 November 2009
Dear Pankaj The 8 years limit for carry forward of losses is given by Income Tax and we are finding Losses as per Book for MAT so obiously it is total losses i-e since inception
CAclubindia
