Income Tax Audit Report

Income Tax audit report has to be filed in:

Form 3CA– Where the books of accounts of the business or profession of the person have been audited under any other law, Form 3CA is required to be filed.

Form No 3CA

Form 3CB– Where the books of accounts of the business or profession of the person have not been audited under any other law, in such a case Form 3CB is required to be filed.

Form 3CD – Form 3CD is the form that has to be filed in both of the above cases. Form 3CD is the Statement of particulars to be furnished under section 44AB.

How and when tax audit report shall be furnished?

Tax auditor shall furnish tax audit report online at https://www.incometaxindiaefiling.gov.in
by using his login details in the capacity of ‘chartered accountant’. Taxpayer shall also add CA details in their login portal. After uploading audit report by tax auditor, it should either be accepted/rejected by taxpayer. Where it is rejected for any reason, all the procedures need to be followed again until the taxpayer accpects the the audit report.

NOTE: Tax audit report shall be filed on or before the due date of filing the return of income under section 139(1) i.e., 30th November of the subsequent year where a taxpayer has entered into an international transaction and 30th September of the subsequent year in case of other taxpayers.

Penalty
If a taxpayer is required to conduct audit u/s 44AB but fails to get his accounts audited, then he will be liable for penalty under section 271B. Penalty will be levied for failure to get the accounts audited or failure to furnish a report of audit as required u/s 44AB. Penalty shall be levied 1.5% of total sales or Rs. 1,50,000, whichever is less.

Section 44AB of Income Tax Act – Applicability & Audit Reports

Income Tax Audit – Various kinds of audit being conducted under the different laws such as company audit conducted under company law, cost audit, stock audit etc. Similarly, Income tax law also mandates an audit known as ‘Tax Audit’. Tax audit is an examination of books of accounts of the business/profession from income tax perspective.

* Where-

  1. Section 44BB (non resident engaged in the business of exploration of mineral oils)
  2. 44BBB (any foreign company engaged in the business of civil construction etc. in certain turnkey power projects)
  3. 44AD (any business other than business referred to in 44AE)
  4. 44ADA (eligible professionals)
  5. 44AE (business of plying, hiring or leasing of goods carriages)
  • Above are presumptive taxation schemes. Where certain fixed percentage of income or amount is assumed to be the profit for the purpose of taxation.
    Under Income Tax Audit Turnover means the gross receipts of the business or profession, but does not include:
    1. Income received from renting of the house or any other rental income.
    2. Any money received by selling of an asset, held as Investment.
    3. The Income by selling of a Fixed Asset.
    4. Interest Income.

Form 3CA -Where the books of accounts of the business or profession of the person have been audited under any other law, Form 3CA is required to be filed.
Form 3CB– Where the books of accounts of the business or profession of the person have not been audited under any other law, in such a case Form 3CB is required to be filed.
Form 3CD – Form 3CD is the form that has to be filed in both of the above cases. Form 3CD is the Statement of particulars to be furnished under section 44AB
* The audit report under Income Tax shall be shall be filed before 30th September of the relevant Assessment Year.

Alternative Minimum Tax (AMT)

Applicability of AMT

MAT is applicable to companies only, whereas AMT is applicable to non-corporate taxpayers. Thus, it can be said that MAT applies to companies and AMT applies to a person other than a company. The provisions relating to AMT are given in sections 115JC to 115JF of Income Tax Act.

Alternate Minimum Tax (AMT) is applicable on all assessees except companies, if the tax payable under the normal provisions of Income Tax is less than 18.5% of the Adjusted Total Income (plus surcharge and cess as applicable).
However, in the case of individuals, HUF (Hindu Undivided Family), Association of Persons (AOPs) and Artificial Judicial person, AMT shall not be payable if adjusted total income of the assessee does not exceed Rs. 20 Lakhs,

In essence, AMT will only apply to an assessee who has claimed any deduction under-

a) sections 80-IA to sections 80RRB (other than section 80P); or
b) section 10AA (Deduction in respect of SEZ units); or
c) section 35AD

Rate of AMT

AMT is levied at 18.5% of adjusted total income in case of non-corporate taxpayer. Surcharge and cess will also be levied as applicable.

However, AMT is levied at the rate of 9% in case of a non-corporate assessee’s unit situated in an International Financial Services Centre and generates its income exclusively in convertible foreign exchange. Surcharge and cess will also be levied as applicable. (Applicable from Assessment Year 2019-20)

Calculation of Adjusted Total Income

Adjusted total income and AMT is computed in the following manner:

Particulars Amount
Total net income as computed under the normal provisions of Income Tax Act XXX
ADD: Deduction under Chapter VI-A from 80H to 80RRB except deduction under 80P XXX
ADD: Deduction under Section 10AA (Deduction in respect of SEZ units) XXX
ADD: Deduction claimed under Section 35AD reduced by regular depreciation allowed XXX
Adjusted total income XXX

How to calculate AMT?

As per AMT, the tax liability will be higher of the following:

  • Tax liability computed as per the normal provisions of the Income-tax Law (applying applicable tax rate).
  • 18.5% on adjusted total income (plus surcharge and cess as applicable). The tax computed at the rate of 18.5% on adjusted total income (plus surcharge and cess as applicable) is called AMT.

Note: AMT is levied at the rate of 9% in case of a non-corporate assessee’s unit is situated in an International Financial Services Centre and generates its income exclusively in convertible foreign exchange. Surcharge and cess will also be levied as applicable. (Applicable from Assessment Year 2019-20)

Let us understand calculation of AMT with an Illustration:
Illustration
The taxable income of Mr. Ranjan a resident individual aged 42 years for the year 2018-19 calculated as per the provisions of Income-tax Act is Rs. 26,40,000. The taxable income has been computed after deduction of Rs. 2,00,000 under section 80RRB in respect of royalty on patent. Will he be liable to pay AMT? What will be his tax liability for that financial year?

Ø As mentioned earlier, AMT calculation and usage only applies in cases where the tax payer has used deductions under section 80H to 80RRB (excepting section 80P), under section 35AD and under section 10AA. Further, the provisions of AMT shall also apply to an individual or a HUFs or a body of individuals(BOI) or an artificial juridical person(AJP) or an association of persons only if the adjusted total income exceeds Rs. 20,00,000. Hence, Mr. Ranjan has claimed a deduction under section 80RRB in respect of royalty on patent and his adjusted total income is exceeding Rs. 20,00,000 and thus the provisions of AMT will apply to him.

As per the provisions of AMT, the tax liability of Mr. Ranjan will be higher of the below:

  • Tax calculated as per the normal provisions of the Income-tax Law (applying applicable tax rate).
  • 18.5% on adjusted total income (plus surcharge and cess as applicable). The tax computed at the rate of 18.5% on adjusted total income (plus surcharge and cess as applicable) is called AMT.

Therefore, Tax on Rs. 26,40,000 as per applicable tax rates of an individual below 60 years of age for the AY 2019-20 works out to Rs. 6,04,500. Tax liability after health & education cess of 4% would work out to Rs. 6,28,680.
Adjusted total income will come to Rs. 28,40,000 (Rs. 26,40,000 + Rs. 2,00,000, i.e., deduction under section 80RRB). AMT at 18.5% on Rs. 28,40,000 will come to Rs. 5,25,400. AMT liability after health & education cess of 4% will come to Rs. 5,46,416.
In the given case, the liability as per the normal provisions of the Income-tax Act is more than the liability as per AMT and, hence, the tax liability of Mr. Ranjan will be Rs. 6,28,680.

Audit Report from Chartered Accountant
Assessee will be required to obtain a report from a chartered accountant certifying the computation of the adjusted total income and AMT in the Form No. 29C.
Such report will be furnished on or before the due date of filing of income tax return.

Tax Credit for Alternate Minimum Tax (AMT)

a. Alternate minimium tax (AMT) paid in excess of the regular income tax under the normal provisions of income tax act, will be available as credit against the subsequent tax liability.
b. The credit of AMT will be allowed to be carried forward and set off upto 10 succeeding financial years in which such credit becomes available.
c. AMT credit is allowed in the year in which regular tax > AMT.
d. The credit will be restricted to the difference between the regular income tax computed under normal provisions of income tax act and the AMT.

Let us understand AMT credit with an Illustration:

Illustration
The tax liability of a partnership firm XYZ Enterprises for the financial year 2018-19 under the normal provisions of the Income-tax Act is Rs. 19,40,000 and the liability as per the provisions of AMT is Rs. 19,00,000. It has brought forward AMT credit of Rs. 2,00,000. Can the firm adjust the AMT credit? Calculate the tax liability after adjusting AMT credit.

Ø AMT credit is allowed in the year in which regular tax is more than AMT. In this case, the liability as per the normal provisions of the Income-tax Act is Rs. 19,40,000 and the liability as per the provisions of AMT is Rs. 19,00,000. As the tax liability as per the normal provisions of income tax act is more than liability as per AMT, thus the firm can adjust the AMT credit.
Ø Brought forwardof AMT credit shall be allowed in the following years to the limit of the difference between the tax on total income as per the normal provisions and the liability as per the AMT provisions. Thus, after adjusting AMT credit, the liability of the firm cannot be less than liability as per the provisions of AMT. In this case, the tax charge as per AMT is Rs. 19,00,000, and, hence, after claiming AMT credit, the firm cannot pay less than Rs. 19,00,000. Hence, out of the credit of Rs. 2,00,000 the firm can claim credit of Rs. 40,000 only and the balance credit of Rs. 1,60,000 can be carried forward to the subsequent years.

Tax Audit of Different Entities

Some businesses are mandatorily required to obtain a tax audit and maintain the book of accounts.

Tax Audit Limit for Proprietorships

A person is required to get its accounts audited under section 44AB if its gross sales or gross receipts exceeds Rs. 1 Crore in case of business or Rs. 50 Lakhs in case of a profession during the relevant financial year.

The turnover limit for businesses which can opt for presumptive income scheme has been increased from Rs 1 crore to Rs 2 crore (From AY 2017-18).

Tax Audit Limit for Companies

All Companies including private limited company and one person company are required to conduct a tax audit every year, irrespective of annual turnover or capital. Books of accounts must be mandatorily maintained for company, irrespective of turnover.

Tax Audit Limit for Partnership Firms

Partnership firms involved in profession with gross receipts of more than Rs.50 lakhs must complete a tax audit. Partnership firm involved in doing business must complete tax audit, if sales turnover exceeds Rs.1 crores.

Tax Audit Limit for LLP

LLP having an annual turnover of more than Rs.40 lakhs or capital contribution of Rs.25 lakhs are required to be audited. Books of accounts must be mandatorily maintained for Limited Liability Partnerships, irrespective of turnover.

Income Tax Audit Limit for Businesses & Professionals

Audit for Businesses

A person is required to get its accounts audited under section 44AB if its gross sales or gross receipts exceeds Rs. 1 Crore in case of business or Rs. 50 Lakhs in case of a profession during the relevant financial year.

The turnover limit for businesses which can opt for presumptive income scheme has been increased from Rs 1 crore to Rs 2 crore (From AY 2017-18).

Thus, there has been no change in the audit limit for businesses who are not opting for presumptive income scheme.

Audit for Professionals

A person carrying on profession having gross receipts exceeding Rs. 50 Lakhs is required to conduct a tax audit. (Tax Audit limit is Rs 50 lakhs from FY 2016-17 onwards).

  • The scheme of presumptive income has been extended to professionals from financial year FY 2016-17 (AY 2017-18), with receipts up to Rs 50 lakhs. In this presumptive scheme, their income will be assumed to be 50% of receipts. Also, Books of accounts are not required to be maintained and audit is not applicable.
Taxpayer Category FY 2016-17 Onwards – Turnover Limit
Business not under Presumptive Income Scheme 1 Crores
Professionals not under Presumptive Income Scheme 50 Lakhs
Business under Presumptive Income scheme u/s 44AD 2 Crores
Professionals under Presumptive Income scheme u/s 44ADA 50 lakhs

Minimum Alternate Tax (MAT)

What is Minimum Alternate Tax?

Minimum Alternate Tax (MAT) is levied under Income Tax Act. This was introduced to target such companies which book high profit but pay almost no or minimal tax by taking the benefit on account of various exclusions, deductions and incentives.
As per Section 115JB of the Income Tax Act, 1961, where in the case of a domestic or foreign company, the income tax payable as computed under the Income Tax Act of any assessment year is less than 18.5% of its book profits, such books profits shall be deemed to be the net income of the assessee and tax payable shall be computed at the rate of 18.5%.

Applicability of MAT

The Minimum Alternate Tax is applicable only on Companies and is not applicable on Individuals, HUF’s, Partnership firms, Limited liability firms (LLP’s) etc.

How to Calculate MAT?

MAT is calculated as per Section 115JB(1) of the Income Tax Act, Tax liability shall be higher of the following amounts:

  • Tax computed under the normal provisions of the Income Tax Act. [30% Tax Rate plus surcharge and cess as applicable].
  • 18.5% of the Book profits (plus surcharge and cess as applicable). The tax so computed at the rate of 18.5% on book profit is called MAT.
  • Where, Corporate Tax Rate for Domestic Companies in India:
Turnover Tax Rate
Total Turnover upto Rs.50 crore in the previous year 25%
Total Turnover more than Rs.50 crore in the previous year 30%

In addition cess and surcharge is levied as follows:

Book Profit is the net profit which is shown in the Profit and Loss account prepared in accordance with Schedule III of Companies Act, 2013 for the relevant year as increased and decreased by the following items –

To be Added to the Net Profit (If debited to P/l A/c i.e. deducted from gross income):

  1. Income Tax paid or payable and calculated as per normal provisions of Income Tax Act, 1961.
  2. Amount carried to any reserve
  3. Dividend paid or proposed
  4. Amount of Provision for loss of subsidiary companies
  5. Depreciation including depreciation on revaluation of assets
  6. Amount and provision of deferred tax
  7. Provision for unascertained liabilities i.e. provision for bad debts
  8. Amount of expense relatable to any income u/s 10,11,12 (other than long term capital gain exempted u/s 10(38) which means it is subject to MAT).
  9. Expenditure relating to income by way of royalty in respect of patent chargeable to tax under section 115BBF.
  10. Provision for diminution in the value of asset.

To be deducted from Net profit (If credited to P/L A/c i.e. if added to the gross income):

  1. Amount of depreciation debited to P&L A/c (excluding the depreciation on revalued Assets) i.e. if the company has a negative depreciation amount
  2. Amount of income to which any of the provisions of section 10, 11 & 12 other than 10(38) apply.
  3. Amount withdrawn from any reserves or provisions if credited to P&L account.
  4. Amount withdrawn from revaluation reserve and credited to profit & loss account to the extent of depreciation on account of revaluation of asset.
  5. Brought forward Losses or unabsorbed depreciation; whichever is less as per the books of account. However such loss shall not include the depreciation.(Where in case the brought forward loss or unabsorbed depreciation is nil then nothing shall be deducted.)
  6. Amount of Deferred Tax, if credited to profit & loss account
  7. Income in respect of royalty in respect of patent chargeable to tax under section 115BB.

Let us understand MAT with an Illustration:
Illustration: The taxable income of Saksham Pvt. Ltd. computed as per the provisions of Income-tax Act is Rs. 9,40,000. Book profit of the company computed as per the provisions of section 115JB is Rs. 17,40,000. What will be the tax liability of ABC Pvt. Ltd. (ignore cess and surcharge)?

The tax liability of a company will be higher of: (i) Normal tax liability, or (ii) MAT u/s 115JB.
Where, Normal tax rate applicable to an Indian company is 30% (plus cess and surcharge as applicable). Tax at 30% on Rs. 9,40,000 will amount to Rs. 2,82,000 (plus cess). Book profit of the company is Rs. 19,40,000. MAT liability (excluding cess and surcharge) at 18.50% on Rs.19,40,000 will come to Rs. 3,58,900. Thus, the tax liability of ABC Pvt. Ltd. will be Rs. 3,58,900 (plus cess as applicable) being higher than the normal tax liability.

Note : A domestic Company pays tax a rate of of 25% if, its turnover or gross receipt is not more than Rs. 50 crores in the previous year. In this illustration, it is assumed that Company’s turnover exceeds Rs.50 in previous year.

What is MAT Credit?

(i) When any company pays minimum alternate tax under section 115JB of Income Tax Act, instead of regular tax, then the tax paid is higher than tax payable as per normal provisions of the Income Tax Act, the excess amount is credited back as Tax Credit to the company as per the provision of Section 115JAA.
(ii) MAT Credit Available= Tax Paid as per MAT calculation u/s 115JB – Tax Payable under the normal provisions of Income Tax Act.
(iii) MAT Credit shall be set off in the assessment year in which:
Tax payable under the normal Tax payable under
provisions of Income Tax Act> MAT u/s 115JB
(iv) MAT credit shall be allowed to carried forward and set off upto 15 Assessment years.

Let us understand MAT credit with an Illustration:

Illustration – The tax liability of ABC Pvt. Ltd. for the financial year 2018-19 under the normal provisions of the Income-tax Act is Rs. 19,40,000 and the liability as per the provisions of MAT is Rs. 19,00,000. It has brought forward MAT credit of Rs. 2,50,000. Can the company adjust the MAT credit? What will be the tax of the company after adjustment of MAT credit?

  • MAT credit can be set-off in the year in which the Tax liability of the company as per the Income Tax Act 1961 provisions is higher than the Tax liability as per MAT. In this case the tax liability as per the normal provisions of the Income-tax Act is Rs. 19,40,000 and the liability as per the provisions of MAT is Rs. 19,00,000. Tax Liability under the normal provisions is higher than liability as per the provisions of MAT and therefore, the company can adjust the MAT credit.
  • Brought forward MAT credit shall be allowed to be set off in the subsequent years up to the difference between the tax liability as per the normal provisions and tax liability as per the MAT provisions. Thus, after adjusting MAT credit, the liability of the company should not be less than tax liability as per the provisions of MAT. In this illustration, the liability as per MAT is Rs. 19,00,000, and, hence, after claiming set off of the MAT credit, the liability of company cannot be less than Rs. 19,00,000. Hence,out of the credit of Rs. 2,50,000 the company can claim credit of Rs. 40,000 only and the balance credit of Rs. 1,60,000 can be carried forward to subsequent year(s).

So let us try to understand it with the help of another example:

Assessment year Tax Payable as per MAT Tax Payable as per normal provisions Actual Tax Payable MAT Tax Credit Available u/s 115JAA Tax Credit Set off/ adjusted Total Tax Credit Available
2014-15 7,00,000 5,00,000 7,00,000 2,00,000
-
2,00,000
2015-16 10,00,000 7,50,000 10,00,000 2,50,000
-
4,50,000
2016-17 11,00,000 8,00,000 11,00,000 3,00,000
-
7,50,000
2017-18 7,00,000 9,00,000 7,00,000
-
2,00,000 5,50,000
2018-19 6,00,000 11,00,000 6,00,000
-
5,00,000 50,000

Set Off and Carry Forward of Losses

Introduction
In India, Income Tax is payable by every person on the total income, earned during the previous year at the rate of tax applicable for assessment year. There are five sources for income classified as:

Head of Income Nature of Income
Income from Salary/Pension Salary and pension income is covered under the head of Salary
Income from House Property Rental Income
Income from Capital Gains Income from sale of capital asset e.g house property, shares etc.
Income from Business and Profession Self employed Income, Running own business, freelancer, Doctors, Chartered Accountants etc.
Income from Other Sources Interest income from Saving Bank Account, Fixed Deposits.

If a person has earned income from one source and has suffered loss from another source then, such loss is allowed to be reduced from the Income and this concept is known as Set off of Loss. However, If such loss is more than the Income and the full amount of loss cannot be set off then it can be carried forward. This concept is known as Carry Forward of Loss.

For Example:

Particulars Mr. Ajay Mr. Vijay
Salary Income Rs.5,00,000 Rs.96,000
House Property Loss (Rs.1,50,000) (Rs.1,50,000)
Total Income Rs.3,50,000 (Rs.54,000)
Set off of Loss Loss set of is Rs. 1,50,000 The Loss of Rs.54,000 will be forward to the next year.

Note: Losses from the exempted source of Income cannot be set off against any taxable source of Income, and no losses can be set off against casual income i.e. winning from lotteries, races, card games, betting etc.

Meaning of Set off and Carry forward

Set off means adjustment of the losses against the income/profit of that financial year. Carry forward of losses to subsequent Assessment Years is if there are no adequate profits subject to the conditions stated in the Act.

Intra-Head Set off and Inter-Head Set Off

Intra-head Set off :

As per Section 70 of Income Tax Act, 1961, the loss from one source of income can be set off against any income of other sources under the same head of income. For example: Loss from Cloth business can be set off against profit from steel business.

Exceptions under intra-head adjustment of loss in following cases:

Losses from speculation business– Speculative business losses can only be set off from the income of another speculative business; it cannot be adjusted against any other income. Speculative Losses cannot be set off against any other Business or Professional Income but non-speculative business loss can be set off against the speculative business income.
Long-term capital Loss – The Loss of Long Term Capital Asset can be set off only from the income of Long Term Capital Asset and not from the income of short term capital asset. However, the loss from short-term capital asset can be set off from the income of short-term asset as well as long tern capital asset.
Losses of owning and maintaining race horses –Loss on account of owning and maintaining race horses can be set off only from the income from the other business of owning and maintaining race horses and not from any other income.
Losses of specified Business referred to in section 35AD – If a person is doing a ‘specified business’ mentioned under section 35AD and suffers a loss from such specified business then such loss can be set off only from the income of another ‘specified business’ and not from any other source of Income. But loss from other business can be set off against the profit of the specified business in that financial year.

Inter-head Set off :

The next step of set off of losses is Inter –head adjustment. Under Section 71 of Income Tax Act, 1961 if the taxpayer has sustained a loss under one head of income and has income under another head of income, and then the taxpayer can adjust the loss from one head against income from other head. For e.g. loss from house property can be adjusted against income from capital gains of the same textile business.

  • Loss from House Property – House Property Income Losses can be set off against profits from other heads. It can be adjusted against salary income, Business income, Income from capital gain, and income from other sources except for casual income.
  • Losses from non-speculative business – Non-speculative Business Losses can be set off under any other head except income from salary i.e., it can be done from income from house property, capital gain income and other sources income.

In the following cases, losses cannot be set off under inter-head adjustments.

  1. Speculative Business Loss.
  2. Specified Business Loss.
  3. Capital Gain Income Losses
  4. Income Losses from owning and maintaining race Horses

Carry Forward of Losses

If any loss is more than the Income and full amount of loss could not be set off then it will be carried forward to the next year. This concept is known as Carry Forward of Loss. There are different provisions for carrying forward of loss under different heads of income under the Income-tax Law. Like:

  • Non-Speculative Business Losses – Section 72 of Income Tax Act,1961 provides that an Assessee can carry forward Non-speculative business loss up to 8 years immediately succeeding the Assessment Year in which the loss has been incurred. Such loss can be set off only from business income.
  • Where, Non-Speculative Business means any income derived from normal course of business activity.
  • Speculative Business Losses – As per Section 73of Income Tax Act,1961, any loss computed in respect of speculative businesses can be carried forward up to 4 years immediately succeeding the Assessment year in which the loss has incurred.

This loss can be adjusted only against Speculation Business Income.

Where, Speculation Business deals with speculative transaction i.e. purchase or sale of a commodity including stocks and shares. Any income from Intra-day transaction is considered as speculative income and taxed as per normal slab rates.

  • House Property Income Losses – Section71B of Income Tax Act, 1961 provides that where the assesse incurs any loss under “Income from House Property” and such loss is not fully adjusted under any head of income in the same assessment year, then it can be carry forward upto 8 years immediately succeeding the Assessment year (AY) in which the loss has incurred. It can be adjusted only against the same head of income i.e. House property income.
  • Specified Business Loss – As per Section 73A, any loss in Specified business referred to in Section 35AD can be Carried forward subject to the following conditions:

a) It can be set off against the profits and gains of any specified business, assessable for that assessment year; and
b) If the loss cannot be entirely so set off, the amount of loss not set off can be carried forward to the later assessment year and so on.

  • Capital losses – As per Section 74 of Income Tax Act, 1961, where an individual is not able to set off the capital loss in the same year, in such case both Long Term and Short-Term loss can be carried forward for 8 Assessment Years immediately succeeding the assessment year in which loss was first computed.

Section 80 of Income Tax Act- Conditions to carry forward of loss:

Following losses can be carried forward only if Income Tax Return is filed on or before the due date as per section 139(1) of Income Tax Act, 1961:

a) Losses of Trading business or Non- Speculative Business Loss u/s 72
b) Losses of Speculative Business u/s 73
c) Losses of Capital Gains u/s 74
d) Losses of owing & maintaining of race horses u/s 74A.

Following losses can be carry forward whether Income Tax Return is filed on, before or after the due date prescribed as per section 139(1) of Income Tax Act, 1961:

a) Losses of House Property u/s 71B
b) Losses of Specified business referred in section 35AD
c) Unabsorbed depreciation
d) Losses of Income of other sources