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Loss of company /firm

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 December 2015 Loss of a company/firm can be set off another company or firm
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
25 December 2015 No. Each assessee is a separate entity.
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Querist : Anonymous

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Querist : Anonymous (Querist)
25 December 2015 Then what to do
of losses occured.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
25 December 2015 You have to file the returns of losses also, but on or before the due dates. You can carry forward the losses if returns are timely filed. In such a situation , losses can be set off against the income of the subsequent years.
In case of business/profession-losses can be c/fd upto 8 assessment years.
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