Loss

This query is : Resolved

Guest

Guest (Querist)

19 February 2011 An assessee incurred a loss of Rs. 815329.00 in F/Y 2007-08 he brought forwaded his loss till then but now in F/Y 2009-10 when assessment was made only 715000.00 was allowed as loss.In the F/Y he has set off all the amount with the profit made in F/Y 2008-09 now how the rest part of loss which was disallowed by the A.O. would be accounted for?

Guest

Guest (Expert)

20 February 2011 You need not make accounting entries for loss but you should revise your return for A.Y. 2009-10 by reducing carried farward losses.