Carry froward loss
This query is : Resolved
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
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
(Expert)
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.
The remainder if any shall be carried forward to next year.
Message likes :
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29 September 2015
But, the ITR4 software allows carry forward without setting off during current year.
Amol S Joglekar
(Expert)
29 September 2015
which version of ITR 4 you are using PR2 or PR3?
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