14 May 2013
business profit is there.brought foward business loss set off against it.current year business loss set off with house property loss.is this a right treatment
15 May 2013
thank u mam.but in ipcc taxation solution may 2013 ,one faculty had answered in another way.ie,current business loss is set off with current year profit and carry forward the brought forward loss.inthat question there was house propery income.
16 May 2013
thats not my doubt.order for set off.ie,brought forward bsiness loss can setoff only after setting off curent year business loss against current year business profit?
is this a rigid order? current business loss brought forward business loss
09 October 2021
Yes, first all the loss or gains of current year are adjusted, only after that bought forward losses of preceding years are set off, against any income of corresponding head.
CAclubindia
