Business loss merged with other income
This query is : Resolved
TARIQUE RIZVI
(Querist)
20 June 2014
OTHER INCOME:
==============
Electricity Subsidy Receipt: Rs7,39,270
Interest on IT Refund Rs 10,990
Interest on Security Deposit Rs 71,550
Total Other Income Rs. 8,21,810
Less Business Loss Rs. 4,58,644
Nett Profit Rs. 3,63,166
Taxable Income Rs. 3,63,166
Am I right Sir ?
==============
Electricity Subsidy Receipt: Rs7,39,270
Interest on IT Refund Rs 10,990
Interest on Security Deposit Rs 71,550
Total Other Income Rs. 8,21,810
Less Business Loss Rs. 4,58,644
Nett Profit Rs. 3,63,166
Taxable Income Rs. 3,63,166
Am I right Sir ?
Nikhil Kaushik
(Expert)
20 June 2014
this is called set off of current year losses.
yes is it permitted to set off business loss against other income.
yes is it permitted to set off business loss against other income.
Rupesh Jain
(Expert)
20 June 2014
yes you can set business loss against the other income head.
24 June 2014
yes set off is permitted..............................
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