Interested to Buy Any Domain ? << Click Here >> for more details...
assume we have a loss for the last finacial year ,when we
are calculating income tax for this year how would be
affected last year loss
- 3 Answers
- 6235 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / arjun bassi
first of all if a company or a firm has a loss it has to
compulsory file the return under section 139(3).
if we have a loss under any of the head of income in last
year then it can be carry forward or set off in the next
year from that particular head of income subject to certain
exceptions as per income tax act,1956 . As by doing this
we have to pay more tax as compared by not carrying forward
of losses.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / h.r. sreepada bhagi
Income Tax Returns needs to be filed by a business entity
for every Assessment year and the loss calculated as per the
Income Tax Act, 1961 can be carried forward to the next
Assessment year.
While computing Income Tax for the Current Assessment year,
the loss brought forward from last can be set off as per the
provisions of Income Tax Act.
For more Information & practical guidance, contact a
Chartered Accountant or a Tax Practitioner.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / mark
loss for the last financial year can be carried forward to
next year and it can be setoff in case of business loss it
can be setoff only in business profits in case of house
property it can setoff from any source of head . in case of
accumulated dep can be setoff from all sources except from
income from salary in case of capital gains short term
capital loss can setoff only from short term gain . it can
carried forward for 8years
| Is This Answer Correct ? | 0 Yes | 0 No |
What is the new tax slab for the assessmnet year 2010-11?????
i dont no what is tcs and tds what the use and how to calculate Tcs&Tds
my tds has been deducted for financial year 2008-2009,will i get tds certificate for that and when,what is the use of the certificate
Till the Discounted bill is paid by acceptor it remains. 1) A contigent liabilities for the acceptor. 2) A contigent Liabilities for the Drawer. 3) A contigent Liabilities for the bank 4) A contigent Liabilites for drawer
we are purchasing kraft paper is there any question entry tax over kraft paper as per the orissa entry tax rules. and if so what is percentage of entry tax.
What is TCS? Are the rates of TDS and TCS same??
whether TDS is deducted on internet charges(leased line) and which section does it belong to and if it is applicable then what is the maximum exemption limit?
which form will applicable for tds
TDS return for salary form.
If any payment made for purchase of computer parts (mother board , ram, monitor)say 1/100 of monthly income (if income is 1000 & expences is rs.10) than whether it is computer expence (revenue expenditure) or computer (capital expenditure). Kindly specify in detail
What are the new income exemption limits for Men,Women and Senior Citizens for the Financial Year 2009-10
Whether TDS to be deducted before service tax or not?
Audit 
