[aaykarbhavan] ITR – Query(s)

Hi,

 

Someone may please see the following and if possible, give reply:

 

Query 1

 

A private company, which is having already huge business losses only, but this year, it has Net Profit say Rs.1 Lac only.

 

Whether the company can set off the current year Net Profit Rs.1 Lac against the previous years huge business losses.

 

Ans : ………………..

 

Query 2

 

 

If the company has the only option to pay tax under Section 115JB on Rs.1 Lac, then can the company fill the amount Rs.19055 in the Sheet 'MATC' – Field viii. 2013-14 - MAT Credit Gross (B1). Please confirm.

 

Ans : ………………..

 

 

Thanks in advance for your replies.

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