Income tax payment

kumar (Executive) (99 Points)

16 April 2010

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

Reply
Follow
Share

4 Replies

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).

Start a New Discussion