Devendra
(Chartered Accountant)
(4775 Points)
Replied 10 April 2011
Business Loss cannot be carried for more than 8 years in any case.
Regards,
Devendra Kulkarni
Arniv Sharda
(CA Final)
(3006 Points)
Replied 10 April 2011
you can never carry business loss for more than 8 yrs
but there is a sec 41(5) [only case] where business loss can be carried forward for more than 8 assessment years
cheers
Prabeer
(B. COM (H) CA & CS Final)
(5484 Points)
Replied 10 April 2011
| Originally posted by : Prabeer Sarkar | ||
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@ divya: Business loss can't be carried forward for more than 8 yrs. @ Arniv : Sec. 41(5) is a special section for the set-off of loss of discontinued business against any deemed profits of such discontinued business only, and should not be quoted in general sence. |
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Arniv Sharda
(CA Final)
(3006 Points)
Replied 11 April 2011
i agree prabeer ji even our sir told that ki this sec is not much of relevance and should not be written
thank u anyway
cheers
Pavan Bharadwaj
(Practicing Chartered Accountant)
(353 Points)
Replied 11 April 2011
Loss from specified business u/s 35AD can be carried forward for any number of years untill it is fully set-off. However such loss can be set-off only against Income from any other specified business.
Joydip Chaubey
(CA-Final Student Former Article Assistant now Self Employed)
(41 Points)
Replied 11 April 2011
Losses from Busness Should be Comprised of Two Things: Business loss & Unabsorbed depreciation.The Carry Forward of Business Loss is restricted to TEN Assessement Year.But Carry Forward Unabsorbed Depreciation can not be restricted for 8 years. it can be carried forward for a indefinite period, besides Sec 41 (5) and specified business U/s35AD loss.
Gulshan Kumar
(Professional Accountant)
(119 Points)
Replied 12 April 2011
business loss can carry forward max. 8 years
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