- 8 Marks
TAX – Nov 2020 – L1 – SA – Q1b – Tax Incentives and Reliefs
Explain current year loss relief and carry forward loss relief.
Question
A company that makes a loss from its trade or business is entitled to relieve such loss by carrying it forward for set-off against the assessable profits of subsequent assessment years commencing from the year following that in which the loss occurs.
Required:
Explain current year loss relief and carry forward loss relief.
(8 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Carry Forward Loss, Current Year Loss, Loss relief, Tax Set-Off
- Level: Level 1
- Topic: Tax Incentives and Reliefs
- Series: NOV 2020
