SET OFF lOSSES OF PREVIOUS YEAR
This query is : Resolved
28 September 2010
I AM ACCOUNTANT IN A PVT LTD COMPANY & COMPANY HAD 50,000/- LOSS IN LAST YEAR BUT IN AY 2010-11 COMPANY HAVE 9,50,000/- PROFIT.
CAN I SET OFF 50,000/- LOSSES WITH THIS PROFIT.
WHICH IS THE TAXABLE INCOME
1) 9,50,000 - 50,000 = 9,00,000
2) 9,50,000
PLS TELL ME
CAN I SET OFF 50,000/- LOSSES WITH THIS PROFIT.
WHICH IS THE TAXABLE INCOME
1) 9,50,000 - 50,000 = 9,00,000
2) 9,50,000
PLS TELL ME
28 September 2010
Yes, But loss should not be related to Speculative Busines,
Totoal Income
Less: Curent Year Losses
Less: Brought Forward Losses
Gross Total Income
Less: Deduction UC VI A
Taxable Income Income
Totoal Income
Less: Curent Year Losses
Less: Brought Forward Losses
Gross Total Income
Less: Deduction UC VI A
Taxable Income Income
22 October 2010
yes
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