04 March 2009
Plz let me know whether the set off of earlier years' losses should be before availing the exemption u/s 10A or after that against the current year profits? Thank you.
05 March 2009
impact of claiming deduction U/S 10 A :
the losses U/S 72(1) or 74(1) or 74(3)even, unabsorbed dep. unabsorbed capital epx. on scientific research or family planning (pertaining to the AY 2000-01 or earlier years) are not allowed to be carried forward in AY suceeding the period of deduction. the deductions U/S 80IA or 80IB shall also not be available to such undertaking after the expiry of tax holiday period. Adjustment U/S 70 and 71 is not prohibited.
i think once u have opted for Section 10A than set off and carry forward is not possible.
CAclubindia
