27 April 2010
Losses under the head Business or profession is fully adjustable against any other head of income except Salaries in the same year. Loss under the head Business or Profession can be carry forward for a period of 8 years and can only be set off against profit and gains from business or profession.
28 April 2010
ya i agree with all experts but i want to tell u that there is difference betwwen set- off and carry forword.carry forword means loss carry to next yaear and if we have sufficient balance and act permits then we set off loss of privious year in current year.
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