Set off of losses in case of mat
This query is : Open
24 August 2013
PVT LTD COMPANY HAVING OPENING BALACNE IN PROFIT & LOSS A/C ON 1.04.2011 1500000 IN CREDIT & DURING THE YEAR F.Y 11-12 COMPANY MADE LOSS OF RS.1800000 AFTER DEPRECTION OF RS.1400000 SO COMPANY PAID MADE MAT AS PER INCOME Tax & LOSS OF 1800000 WAS C/F IN RETURN,IN BOOKS COMPANY SHOWED PFOFIT & LOSS CLOSING BALACE ON 31.3.2012 300000 DEBIT BALANCE NOW IN F.Y YEAR 12-13 COMPANY MADE PROFIT OF 1000000 WHICH WAS SET OFF AGANIST LAST YEAR B/F LOSS BUT IN MAT CAN I SET OFF LOSS OF 400000
AS 400000 LOSS {1800000-1400000(DEPRECIATION OF LAST YEAR) IS LOWER AS COMPARED TO DEPRECTION 1400000.
OR COMPANY CAN NOT SET OFF FULL 400000 AS 300000 WAS SETOFF AGANIST OPENING BALANCE...
AS 400000 LOSS {1800000-1400000(DEPRECIATION OF LAST YEAR) IS LOWER AS COMPARED TO DEPRECTION 1400000.
OR COMPANY CAN NOT SET OFF FULL 400000 AS 300000 WAS SETOFF AGANIST OPENING BALANCE...
25 August 2013
See the decision of AAR in the case of Rashtriya Ispat Nigham.
25 August 2013
thanx a ton i read that but i m stil confused, can u tell me wat sould i do???please???
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