Set off and Carry Forward
This query is : Resolved
24 September 2010
Suppose an individual has loss in F. & O. (Ordinary business) of Rs. 4,50,000/- and income from other sources of Rs. 11,00,000/- in AY 2010-11.
Can he say that he will pay tax on 11,00,000/- this year and carry forward the loss from F & O of Rs. 4,50,000/- to next year? Or is it compulsory to set off this year only?
Pls. give reasons and section reference.
Can he say that he will pay tax on 11,00,000/- this year and carry forward the loss from F & O of Rs. 4,50,000/- to next year? Or is it compulsory to set off this year only?
Pls. give reasons and section reference.
24 September 2010
The assessee cannot seek the said option because section 72(1)can be soughtfor only after availing the benefit under section 71(1) of the Incoem tax Act,1961.
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