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Losses of a 100% subsidiary be set off

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 June 2013 Can the losses of the 100% subsidiary be set off with that of the Parent Company
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
16 June 2013 No, even though holding & subsidiary, both are different entities under income tax, you cannot set off the losses of subsidiary company
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Guest

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Guest (Expert)
16 June 2013 If you have set off the losses of subsidiary companies.
Then under Income tax act, as per the provisions of MAT u/s 115 JB, the losses will added back to calculate book profit for the purpose of levy of tax on book profits
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