Expenses allowable or not

This query is : Resolved

vishu sharma (Querist)
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03 September 2016 I had business expenses but no income this year (no sale no purchase) please advice is loss due to expenses claimed is allowed to setoff from the profit of my another entity. its urgent

ACA Anurag

ACA Anurag (Expert)
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03 September 2016 Dear Vishu,

An person has to file only one return and he has to combined all income on consolidated basis.

In that case u can do that.

Hope your query is resolved

Kindly like if my response has helped you

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vishu sharma

vishu sharma (Querist)
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03 September 2016 Dear Anurag g i mean Loss from one company (due to no operation activity during the year) set off from profit of another company or not ?

ACA Anurag

ACA Anurag (Expert)
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03 September 2016 Dear vishnu,

Yes it can be adjusted if it has a parent -entity relationship (I.e consolidate statement)

Hope your query is resolved

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