Sir,
I have a brought forward business loss for the Previous Years 2003-04 and 2004-05 totalling Rs.2.82 Lakhs and the returns for both those years were filed within the due dates of filing of returns u/s 139
But for the Previousyear 2005-06 I have not yet filed my retruns and I have a taxable business income of Rs.1.8 Lakhs.

1.Can I set off Rs.1.8 Lakhs income(P.Y.2005-06) against the brought forward loss Rs.2.82 Lakhs (earlier years duly filed)?
2.Can I carry forward(though I have not filed 2005-06 returns till date and file the returns now) the business loss of Rs.1.02 Lakhs (2.82-1.8) as the loss pertains to earlier year losses duly brought forward till 2004-05.
3.I am of the opinion that Section 80 does not restrict the carry forward of earlier year losses and also does not restrict the set off of previous brought forward losses though returns are not filed in due date for current P.Y.
Please help me

If employee incur some expenses for tea & snacks, out of office (not on food like lunch or dinner)

The nature of expenses incurred on tea & snacks are staff welfare, but I want to know, whether this amount is also applicable for FBT or not ? especially talking about the tea & snacks not about the food.

Please tell me in brief that what type of expenses related to staff welfare are covered under FBT ?

Whether interest payable on loan taken from banks for construction of a house on the land owned by wife, can be claimed as deduction under section 24 of I.T.Act by the husband in his personal return? Is it necessary that the land must be owned to claim deduction of interest payable on loan taken for construction of house?

Income from future and option (trading in share market n commodity ) will come under which head of income.

2. If we treat this income as business income whether tax audit is applicable for turnover ?
3. kindly tell me the section in which this income is under perview

Can anybody help me in explaining the main clause of DTAA with Sri Lanka. I have never read DTAA for any country. Please provide me your contact number and i will in touch with you. Thanx for the support.

Normally in tax audit of Medical shops it is not practical to give quantitaive detais.Further this facts was also mentioned in the Tax audit Report against point no 28a.of report.
What should be written in ITR-4 against column Quantitaive detais. Whether it is mandatory to give quantitaive detais of pricipal items so traded. whether the return filled will be correct or not, if no quatitaive detais of op stock , purchases , sales , cl stock mentioned in ITR-4

Dear Friends

Can anyone of you tell me whether a company has to disclose the excise duty paid and received, etc in the p/l a/c of the form if it is following exclusive method of accounting.

A company (A Ltd.) has acquired a business unit of another company (B Ltd.). Consideration paid is more than net asset acquired. Hence there is a goodwill for A Ltd. Whether A Ltd. can claim amortisation on this goodwill amount for tax purpose.

A company (A Ltd.) has acquired a business unit of another company (B Ltd.). Consideration paid is more than net asset acquired. Hence there is a goodwill for A Ltd. Whether A Ltd. can claim depreciation on this goodwill amount for tax purpose.

Whether tax cess or fee as per 43B is required to be passed through P/L a/c for computation of disallowance?