set off of loss of business with parnership remuneration
This query is : Resolved
05 November 2011
Any body tell me if i have an remuneration from partnership firm,and loss from proprietry business, can this loss be set off with remuneration U/H PGBP. I have received an notice U/s 143(1) in which loss was not set off.and what action needed for that?
CA PARAS BAFNA
(Expert)
05 November 2011
Set off is available. Intimation U/s 143(1)
shows that set off is not allowed, then explain the position to the ITO or in case of e-filing return, check the return and submit the rectification request.
shows that set off is not allowed, then explain the position to the ITO or in case of e-filing return, check the return and submit the rectification request.
Yogesh Agarwal
(Expert)
05 November 2011
Yes it is possible... Set off must be allowed.. You may file an application for rectification in the intimation...
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