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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 / 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.
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