Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

SECTION 115BAA FOR PRIVATE LIMITED COMPANY

sunil c (CA Practice ) (236 Points)

22 February 2022

If the Private Limited Company opt for Section 115BAA, then Losses will be carried forward to next year and can we utilize against the business profit?

Reply
Follow
Share

1 Replies

Sarthak Kumar Dash (Student) (232 Points)
Replied 23 February 2022

Only the losses that related to the restricted exemptions and deductions u/s 115BAA (like deductions u/s 32, 32AD, 33AB etc) are required to be excluded from the total amount of brought-forward of losses. Apart from these, uou can carry forward the losses and set it off against business income.