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Hi may I know how to get taxable profits of 38,470 in the year 3? I can’t seem to figure it out. Thanks
Hi sir any update? Thanks
Sorry – I must have accidentally missed your question last night 🙁
I assume that you are happy with the 60,664 (profit after depreciation).
There was a loss of 22,201 in year 1, which will have been carried forward. 7 of it was used in year 2 to reduce that years taxable profit to 0.
That leaves 22,201 – 7 = 22,194 loss carried forward to year 3.
So the taxable profit in year 3 = 60,664 – 22,194 = 38,470
It’s ok…thanks sir for the detailed explaination