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
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