Understanding the requirements for handling company tax losses and how to deal with a current year tax loss in a company.
For CTR Form, it is necessary to visit the "Reconciliation" tab.
In this example, a Company has "Taxable Loss" of $155,638, it is reflected through the "Reconciliation",
To find the Losses Schedule:
You have to manually insert the losses you want to apply.
Select "Other", and then, "Losses", and fill the required boxes via "Edit" button.
Type in the $155,638 "Taxable Income" amount via "ADD Tax loss incurred (if any) during current year"
You'll come up with "Tax losses carried forward to later income years"
Note: Claimable loss value should reflect in the recon section to reduce the profit to Zero.