06-16-2011, 07:27 PM
Sir, actually query is that for example we have a company how have adjustable brought forward taxable losses and in the current year company has earned taxable income but the income of this year and that of next two years has been declared as exempt from tax by the federal Govt. Could the income of the current year be adjusted with the said losses or not cause this is exempt from tax.
Second whether we freeze those losses and use the same figure for calculation of deductible temporary differences under the calculation of deferred taxation. Further this period in which the income of the company has been declared as exempt will be counted for period for which business losses could be carried forward or not? i.e 6 years.
Second whether we freeze those losses and use the same figure for calculation of deductible temporary differences under the calculation of deferred taxation. Further this period in which the income of the company has been declared as exempt will be counted for period for which business losses could be carried forward or not? i.e 6 years.
