Can Income tax be paid on the net amount after setting off of Brought forward loss. or it should be paid on gross amount before setting off and then we can less our BF loss. pls explain?
2 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 14 May 2011
status of assesse plays as major role in such cases
however in case of individual and HUF, the tax is payable after adjustment of brought forward losses,
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 14 May 2011
Question too short to answer correctly.. But if the loss so brought forward is eligible to be set off against the income of current year, then is it is first set-off and then tax is paid on balance amount, if taxable. Status of the person is not much important. However, in case of company and firm, if there is no change in constitution of the the ownership, then the loss can be set off if eligible to.
Recent Topics
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
