Hello friends
What are the cases where business loss can be carried forward for more than 8yrs
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 | ||
@ 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. |
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