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