Can deprn loss busi loss set of against intereston it refund
This query is : Resolved
23 March 2018
we closed our company on 01.04.2014 we got income tax refund for old years during F.Y.2017-2018. interest on it refund amounted to 5lakhs . 1.can business loss and depreciation loss of old years be adjusted against interest on income tax refund
2.we have expenses for auditor, company secretary , accountant , loss on sale of asset can this expenses be adjusted again the interest on income tax refund
2.we have expenses for auditor, company secretary , accountant , loss on sale of asset can this expenses be adjusted again the interest on income tax refund
23 March 2018
1. Unabsorbed depreciation can be set off, but not unabsorbed business loss
2. Current year business loss can be set off against interest income.
2. Current year business loss can be set off against interest income.
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