Set off and brought forward losses
This query is : Resolved
02 August 2013
Suppose we have a profit of Rs. 7.00 Lacs in Current year and brought forward losses of Rs. 11.00 Lacs so while taking setoff of brought forward losses in current year Deduction under Chapter VIA upto Rs. 1.00 Lac and Basic exemption Limit of Rs. 2.00 Lacs should be considered thus reducing the brought forward loss only by Rs. 4.00 Lacs and balance to be carried forward Rs. 7.00 Lacs
02 August 2013
Find out GTI then apply the provisions of set off and carry forward and den apply chapter VI-A deductions.
Message likes :
1 times
02 August 2013
Kapil you have to set off Rs. 7,00,000/- of loss with current years profit. You can't take benefit of Deduction first & then use set off & carry forward.
Message likes :
1 times
02 August 2013
but can we take the benefit of basic exemption limit of Rs. 2.00 lacs and take less setoff accordingly
02 August 2013
No you cannot take benefit of Basic exemption limit also if your carried forward loss is more than your current year's profit (as in ur case)
Message likes :
1 times
02 August 2013
Ok Thanx alot Paras and Tushar
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Applicability of Ind As to associate of associate
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Gst input for FY 23-24
- Bogus purchase treatment for it act gst dealer
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
