Carry froward loss

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navada (Querist)
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29 September 2015 Sir,
Is it NECESSARILY to set off current years other income against current year's business loss for determining carry forward business loss?
Example: Suppose current year interest income=1 lakh and current year business(non speculative) loss=250000.
Is it ok if the entire 250000 is taken as carry forward loss? Note that tax liability for current year is NIL.
Thanks

Amol S Joglekar

Amol S Joglekar (Expert)
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29 September 2015 First the INTRA HEAD set off is done, then INTER HEAD set off MUST be done.

The remainder if any shall be carried forward to next year.

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navada

navada (Querist)
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29 September 2015 But, the ITR4 software allows carry forward without setting off during current year.

Amol S Joglekar

Amol S Joglekar (Expert)
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29 September 2015 which version of ITR 4 you are using PR2 or PR3?

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