Wednesday, August 14, 2013

CBDT moves to limit carry forward of loss

The Central Board of Direct Taxes (CBDT) has said that only those profits from Special Economic Zones (SEZs), STPs and Export Oriented Units (EOUs) (eligible businesses) that remain after adjusting for losses from other sources (ineligible businesses) can be claimed as a deduction from the taxable income. The CBDT has also clarified that only that much of losses from various sources of income that remain after setting them off against profits that are eligible as a deduction (say, from an SEZ unit) can be carried forward.

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