Carry forward business loss can be set off partly
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 September 2014
co. was having loss of Rs. 240000 in F.Y. 2011-12 and co. beared again loss of Rs. 20000 in F.Y. 2012-13.Total loss carry forward was 260000 in F.Y. 2012-13. Current F.Y. 2013-14 profi is 171568. So can we set off Current year's Profit against both the years losses?
28 September 2014
yes you can set off provided the returns were filed within 139(1).
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