Dear All
Our is SSI unit this year got profit 50L , but carry forward losses Rs.1.26Crores shall we adjust the loss or pay the income tax ?
kindly advise
regards
Kumar
Nicky
(Chartered Accountant)
(245 Points)
Replied 16 April 2010
Following are needed to be seen
a) for the accumulated losses whether the returns have been filed in time or not for the years under considertaion there were losses
b) Also if it is company u cannot escape from MAT but howevre u ll get a deduction of unabsorbed depreciation or c/f losses which ever is lower
CA Kapil B Gupta
(AGM Finance)
(530 Points)
Replied 16 April 2010
As per your query, you can adjust carry forward losses against current income.
SUDHIR & PRADEEP JI
(CA FINAL+LLB + DISA)
(2299 Points)
Replied 16 April 2010
you can setoff your previous year Business losses from current year bussiness income but the onlu condition yoou have to full fill is that
you can only claim the deduction if you have filled the income tax retrun of your loss in bussiness also.
so then only you can take the benefit of sett off otherwise not
CA Rahul Jain
(Article)
(57 Points)
Replied 16 April 2010
According to section 72 for the set off of business loss it is necessary to filed the return of loss with in the limit of 139(1).
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
