Corporate TaxationOption under section 115BAA Set of off of previous years losses

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The Tax Publishers Corporate Taxation--Option under section 115BAA--Set of off of previous years losses Query My client carrying business in the name and style of Pvt. Ltd. return of the A.Y. 2022-23 he has chosen to rate of 22% in the company for the first time the previous year there was a business loss and as well as depreciation loss. 1. My query is that whether previous loss can be set of against the income for the A.Y. 2022-23 (is allowable or not) please give clarification 2. My one of client carrying partnership business and he also carrying business out of India so separate accounts are maintained and bank accounts are opened out of India. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Corporate Taxation--Option under section 115BAA--Set of off of previous years losses

Query

My client carrying business in the name and style of Pvt. Ltd. return of the A.Y. 2022-23 he has chosen to rate of 22% in the company for the first time the previous year there was a business loss and as well as depreciation loss.

1. My query is that whether previous loss can be set of against the income for the A.Y. 2022-23 (is allowable or not) please give clarification

2. My one of client carrying partnership business and he also carrying business out of India so separate accounts are maintained and bank accounts are opened out of India.