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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
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Answer Posted / 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.
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