Business loss treatment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 September 2012
a company is continuously showing is balance sheet in loss. after 8 years what are treatment of his loss than loss will not be set off in 8 a.y. year ,please guide me.
08 September 2012
For IT Purpose, Now Losses are Not Eligible to Set Off.
Only if Unabsorbed Depreciation/Preliminary Exp,35D Expenses, UAD Family Planning Expenses is There, That Can be Set Off.
Only if Unabsorbed Depreciation/Preliminary Exp,35D Expenses, UAD Family Planning Expenses is There, That Can be Set Off.
08 September 2012
In balance sheet Debit balance of Profit and Loss Account to be shown as negative figure under the head Surplus. Therefore, reserve & surplus balance can be negative. the carryforward limit of 8 AY is for IT purpose only and not for balance sheet.
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