Comment on Notice under Section 139(9)? - Possible reason
commented on
24 Jun 2013, 02:19 PM
harsh,
Presently the law states that you can file rectification return with 8% profit and pay tax accordingly. But this law is kind of a loophole which people can misuse, not in your case but in cases where profit is more than 8% but turnover less than 1crore. They can get away paying only taxes on 8% of this as profits.
If you have a previous year loss, which you have declared, yes you can definitely carry forward and set off against this profit, again a loophole in the system. 🙂 ..