Deferred tax

Gkannan (manager) (77 Points)

13 July 2019  

Dear experts,

The company has unabsorbed losses for the past 3 years as given below

Business Loss (Asst. yr) Amount as returned Amount as assessed
2015-16            3,00,000 3,00,000
2013-14            1,50,000 1,50,000
2012-13 1,00,000 1,00,000

Total                                                                           5,50,000                           5,50,000

There is also ub absorbed depreciation as given below

Unabsorbed Depreciation loss (AY) Amount as returned Amount as assessed Order U/S and Date
2012-13                  2,00,000                       2,00,000  
2013-14            1,00,000 100000 143(3) dt:28.03.2016
2014-15            3,00,000 3,00,000 143(3) dt:22.12.2016
2015-16            3,80,000 3,80,000 Not Received
2016-17              5,00,000                  5,00,000 143(1) dt:31.12.2016
2017-18            1,90,000                 1,90,000 Not Received
2018-19            80,000                 80,000 Not Received

Total                                                                         17,50,000                            17,50,000

Above are as per income tax return

I am taking for the purpose of deferred tax calculation Rs. 17.5 lakhs and Rs.5.50 lakhs in total Rs. 23 lakhs as deferred tax asset for deferred tax calculation.

Whether i I should take the losses as per it return or as per the book loss please clarify.

 

Reg,

G.Kannan