Set off
This query is : Resolved
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
14 May 2013
Dear Snia
It is correct only you can set off u/s 71 & 72 of the Income Tax Act,1961
It is correct only you can set off u/s 71 & 72 of the Income Tax Act,1961
Message likes :
1 times
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.
15 May 2013
It can be made but the brought forward loss can be adjusted only against the particular head of income.
The current year loss can be adjusted under other heads of income except salaries.
The current year loss can be adjusted under other heads of income except salaries.
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
is this a rigid order?
current business loss
brought forward business loss
19 May 2013
reply me soon............
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Not able to file ITR
- Foreign inward in ITR
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
