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Set off

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 February 2017 Query is
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
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Tony John

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Tony John (Expert)
14 February 2017 Yes.
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.
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 February 2017 Thanks for the reply. Appreciate it a lot
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 February 2017 If there is no profit but Only IFOS can partner interest be paid out
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