Assessee need not reduce past losses offset by other profits when calculating Section 80IA(4) deduction for initial year.

Assessee need not reduce past losses offset by other profits when calculating Section 80IA(4) deduction for initial year. https://www.taxtmi.com/highlights?id=54132 Deduction u/s.80IA(4) - The assessee while determining the eligible profit, is not required to notionally reduce losses arising from eligible business in the earlier years already set off against other business of assessee in terms of Sections 70, 71 & 72 of the Act prior to exercise of option of ‘initial assessment year’. en-us Wed, 22 Jul 2020 12:13:56 +0530 Wed, 22 Jul 2020 12:13:56 +0530 TaxTMI RSS Generator Assessee need not reduce past losses offset by other profits when calculating Section 80IA(4) deduction for initial year. https://www.taxtmi.com/highlights?id=54132 Deduction u/s.80IA(4) - The assessee while determining the eligible profit, is not required to notionally reduce losses arising from eligible business in the earlier years already set off against other business of assessee in terms of Sections 70, 71 & 72 of the Act prior to exercise of option of ‘initial assessment year’. Highlights Income Tax Wed, 22 Jul 2020 12:13:56 +0530 https://www.taxtmi.com/highlights?id=54132