Carry Forward of Business Loss

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niki (Querist)
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05 December 2008 An assessee has c/f business loss of Rs. 1 lac, pertaining to AY 2005 – 06. For AY 2008 – 09, the total income of the assessee (including business profits of Rs. 65,000) does not exceed the maximum amount not chargeable to tax. i.e. the total income is Rs. 85,000.
Does the assessee have an option not to set-off the b/f business loss against business profits of the current year?
Can the assessee claim carry forward of entire business loss of Rs. 1 lac, pertaining to AY 2005 – 06, without any set-off against business income of AY 2008-09?

Thanks & regards,
Niki

CA Vivek Jain

CA Vivek Jain (Expert)
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06 December 2008 Business Loss can be setoff Any Income except Salary and balance amt carry forward for setoff up to 8 year

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