20 September 2013
In a Pvt Ltd Co, there was a loss of Rs.10 Lakhs in AY 2012-13 & In AY 2013-14 there is a profit of Rs.7 Lakhs. I want to know can we adjust the profit against last year's loss. Do we need to pay MAT or any another tax.
20 September 2013
If the company had filed Return of loss for the Assessment Year 2012-2013 with the prescribed time in accordance with Section 139 of the IT Act, the set off can be made....
CAclubindia
