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Income Tax on VRS

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 May 2010 I propose to take VRS from current employer and start a small business during the current finacial year. Can the Income tax applicable on the VRS settlement money be set off against the depreciation on initial investment made on the office infrastucture.
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CA. Pradeep Nayak

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CA. Pradeep Nayak (Expert)
18 May 2010 The answer is No. Income from salary cannot be used to set off against loss from business or profession.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
18 May 2010 NOT POSSIBLE
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
18 May 2010 Agree, you cant use
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