Re.: speculation income adjusted with the previous loss
This query is : Resolved
23 December 2015
Previous F.Y.2014-2015, business loss was Rs.1.75 Crore. Current year business profit 10 Lakhs and share speculation profit of Rs.1.85 Crore, this speculation income can be adjusted with the previous loss. Please advise.
23 December 2015
As per Section 72 brought forward loss of FY 2014-15 of Rs 1.75 crore can be set off against any business income of FY 2015-16 . "Any" means- "Speculation Business Income" is also included in "any business income".
23 December 2015
As per Section 72 brought forward loss of FY 2014-15 of Rs 1.75 crore can be set off against any business income of FY 2015-16 . "Any" means- "Speculation Business Income" is also included in "any business income".
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