Sec-115jb

Souvik Kumar Ghosh (CA Final) (1368 Points)

16 September 2013  

As per provisions of Sec-115JB of Income tax Act, inter-alia, lower of brought forward business loss and unabsorbed depreciation as per books shall be deducted. Under the Revised Schedule VI the loss is shown under Reserves and Surplus. In this scenario, how to account the losses and what effect should be given in the subsequent year.