Thanks for all your efforts :)
So only from 1990-91 Carry Forward AY starts. So it can be set off till AY 97-98. Thanks.
Mr. Nitin Grover, I think we both made mistake in calculating carry forward years.
Carry Forward and Set- off
Page no : 2
Deeps
(Article Assisstant)
(2485 Points)
Replied 27 April 2010
Nitin Grover
(CS)
(1228 Points)
Replied 27 April 2010
Dear Deepika
as per your example loss is incurring in the Ass Year 1988-1989 so Eight years will start from Ass year 1989-1990 and ends on 1996-1997
Pls dont get confused
remember one thing
Every Financial year ends on March 31 of each year
so at on that date we find that as per Income Tax and inform to Income Tax Deptt. with in due date that we have Loss so its logically Eight year will start after our knowledge.
as per example you purchase any thing when you know u have need of that thing just like Pen, Registers etc.
Regards
Santhosh Poojary
(SIEMPRE AHÍ PARA TI)
(15607 Points)
Replied 27 April 2010
Thanks.... Sanjay sir & nitin, for sharing knowledge.....
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