Brought forward business loss to be set from remuneration from firm
This query is : Resolved
25 November 2017
I want to ask that any brought forward business loss can be allowed to be set off from remuneration from partnership firm as software and utility downloaded from income tax website set off the loss but when the return is processed it does not allow to set off the loss and created demand. Pls confirm
25 November 2017
Technically it should be allowed to setoff business loss against remuneration recieved from partnership firm, since as per section 28 any remuneration received by partner from firm is taxable in hands of partner as Business income under PGBP head. And loss from one business can be setoff against profit from another business (Intra head Adjustment of Loss).
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