Set off
Querist : Anonymous
Can business loss be set off with income from other sources pertaining to same year if return is not filed with due date.
Eg.
FD income is 100,
Business loss -120 ( in the form of partner capital interest)
Net is -20
But income is not filed before due date
Set off of loss of current previous year against current year's income is permissible even if return is submitted belatedly.
But if in your example, there was no FD income, the business loss cannot be carried forward if ITR is filed late.
Querist : Anonymous
Querist : Anonymous
Click here to login now
Similar Resolved Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Rental income of jointly held property
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
