SIR,
I HAVE DECLARED INCOME U/S.44AD OF RS.50000.(GROSS RECEIPT IS RS.625000) AND I ALSO CLAIMED SALARY TO PARTNER OF RS.120000. CAN I CARRY FORWARD THE LOSS OF RS.70000 ( 50000-120000) TO NEXT YEAR?. PLEASE ADVICE ME.
G.SUNDARARAJAN (COMPUTER ) (37 Points)
28 July 2011SIR,
I HAVE DECLARED INCOME U/S.44AD OF RS.50000.(GROSS RECEIPT IS RS.625000) AND I ALSO CLAIMED SALARY TO PARTNER OF RS.120000. CAN I CARRY FORWARD THE LOSS OF RS.70000 ( 50000-120000) TO NEXT YEAR?. PLEASE ADVICE ME.
devang
(CA FINAL article )
(181 Points)
Replied 28 July 2011
(a) on the first Rs. 3,00,000 of the book-profit or in case of a loss
(b) on the balance of the book-profit
Rs. 1,50,000 or at the rate of 90 per cent of the book-profit, whichever is more; at the rate of 60 per cent;
as pr above section u should 1st calculate allowable remuneration then after u can c/f remaining loss >>>
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