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
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 |
which items should be covered the Entry Tax by HP Govt instead of Purchased
if firm sales tax paid , under which ledger and subledger it would be posted? give brief information
what is the exise limit in granite manufacturing
is any benefit we can avail in income tax in respect of deducted Fringe benefit tax. please explain in detail.
Define the term person?
How Much Total Amt of salary is for deduction under section 94J for full year
when charges PURCHASE @ 12 % TAX RATE ?
In income tax which statement have 4 limit ?
Tell about dvat and dvat rate
what are the ways of paying service tax and vat montly manually??
Vat Tax Paid comes under which head.
If Advance deposited Rs.200000/-, TDS diposited Rs.100000/- & Provision for Income Tax is Rs.250000/- but It department raise the Assessment Tax is Rs.350000/-. What will be the journal entries?