Advance tax and carry forward loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2011
An asses see has substantial carry forward loss including depreciation. Whether he can adjust this while computing advance tax for (i)any quarter of the Financial year? or (ii) for the whole year?
13 September 2011
YES, HE CAN ADJUST THE CARRY FORWARD LOSS WHILE CALCULATING TO ADVANCE TAX, HOWEVER IN THAT CASE KEEP IN MIND WHETHER, MAT LIABILITY IS ARISE OR NOT, IF YES, THEN ADVANCE TAX TO BE DEPOSITED EXTEND TO MAT LIABILITY.
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2011
Thanks Expert Mr. Navin Jain. Pl indicate reference (Section/ Rule/ Circular etc) under which advance tax can be adjusted against carry forward loss/ unabsorbed depreciation.
13 September 2011
FOLLOWING POINTS TO BE CONSIDERING WHILE CALCULATING ADVANCE TAX---
PROFIT FOR THE PERIOD
LESS-
1. CARRIED FORWARD LOSS
2. MAT CREDIT
3. TDS/ TCS
PROFIT FOR THE PERIOD
LESS-
1. CARRIED FORWARD LOSS
2. MAT CREDIT
3. TDS/ TCS
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