santosh
article
[ Scorecard : 69]
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Posted On 12 May 2010 at 20:41
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hello, i need a clarification on the following matters:-
1) can brought forward business loss can be set off against speculation income?
2) suppose if the speculation loss is first computed for the A.Y. 2000-2001, then upto which A.Y. it would be
allowed to be carried forward?
please reply...awaiting feedback
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Ankit CA & CS
Manager - Accounts
[ Scorecard : 189]
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Posted On 12 May 2010 at 20:43
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1. Only speculative loss can be set off against speculative income.
2. C/f of Speculative loss can be done upto 4 years.
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vikash rathi
Chartered Accountant
[ Scorecard : 782]
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Posted On 12 May 2010 at 21:00
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| Originally posted by : Ankit CA &CS |
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1. Only speculative loss can be set off against speculative income.
2. C/f of Speculative loss can be done upto 4 years.
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agree with ankit
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.g.k.
employed
[ Scorecard : 2302]
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Posted On 12 May 2010 at 21:13
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| Originally posted by : santosh |
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hello, i need a clarification on the following matters:-
1) can brought forward business loss can be set off against speculation income?
2) suppose if the speculation loss is first computed for the A.Y. 2000-2001, then upto which A.Y. it would be
allowed to be carried forward?
please reply...awaiting feedback |
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Hi santhosh
1. A brought forward business loss can be set off only against business income of the current year. Further only the brought forward speculation loss is to be set off against speculation income.
2. It can be set off for 4 years excluding the year in which it is incurred , that is it can be deducted in computing the income of PY 2003-04, AY 2004-05.
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Amir
Learner
[ Scorecard : 3939]
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Posted On 12 May 2010 at 21:48
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Sudev Namboothiri
CA FINAL
[ Scorecard : 429]
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Posted On 13 May 2010 at 08:13
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Whizkid
student
[ Scorecard : 622]
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Posted On 13 May 2010 at 13:49
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can b/f loss from non speculation business be set off against profits 4m speculation business...!?
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Rajendra Nath Datta
0
[ Scorecard : 96]
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Posted On 13 May 2010 at 17:59
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b/f non speculation loss can only be set off against non speculation profit only. B/f loss can only be set off against their respective head
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Nitin Singhal
Gaining knowledge...
[ Scorecard : 315]
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Posted On 13 May 2010 at 18:32
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madhup
fasdfsadfsd
[ Scorecard : 24]
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Posted On 13 May 2010 at 20:13
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wat is solution for this ↲If business income is rs 100000 and bf loss of business is rs 200000 and speculation income is 100000
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