Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Set off

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Query Ask a Query

Querist : Anonymous

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

Tony John

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.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

14 February 2017 Thanks for the reply. Appreciate it a lot

Querist : Anonymous

Querist : Anonymous (Querist)

14 February 2017 If there is no profit but Only IFOS can partner interest be paid out

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now