Set off inter head adjustment
This query is : Open
07 December 2013
A Partnership firm have business loss and other souces income
Ex. Rs 50 & 75 Respectively
Return File After DUE DATE Than it can be adjusted or not
Gross Total Income=Rs 25 OR Rs 75
Plz Give Me ans with section no.
Ex. Rs 50 & 75 Respectively
Return File After DUE DATE Than it can be adjusted or not
Gross Total Income=Rs 25 OR Rs 75
Plz Give Me ans with section no.
07 December 2013
Loss cannot be adj if return is filled after due date u/s 139(1).
07 December 2013
GTI is 25 lakhs.
Reason - inter head adjustment is possible in the same asst. year vide section 71(1).
Reason - inter head adjustment is possible in the same asst. year vide section 71(1).
07 December 2013
Sir return is filed after due date.
07 December 2013
Bhavesh,
As per Section 139(3) read with section 80 If return is not filed within due date specified u/s 139(1) Loss from Business and Capital Gains shall not be carried forward However same shall be allowed as setoff in the same year . Only House Property Loss and Unabsorbed Depreciation shall be allowed as to be carried forward .
In the given case ,
Business Loss can be setoff against Income from other Sources .
As per Section 139(3) read with section 80 If return is not filed within due date specified u/s 139(1) Loss from Business and Capital Gains shall not be carried forward However same shall be allowed as setoff in the same year . Only House Property Loss and Unabsorbed Depreciation shall be allowed as to be carried forward .
In the given case ,
Business Loss can be setoff against Income from other Sources .
07 December 2013
Business Income Calculated under SECTION 44AD
EX. Net Profit Is more than 8% Before Partner salary and interest is Rs 50000
Total Partner Salary & Interest is Rs 75000
Total Business Loss Rs -25000
And Other Sources Income Rs 40000
And And Return File after due date than gross total income is -25000+40000=15000 OR RS 40000
Plz Give me solution
EX. Net Profit Is more than 8% Before Partner salary and interest is Rs 50000
Total Partner Salary & Interest is Rs 75000
Total Business Loss Rs -25000
And Other Sources Income Rs 40000
And And Return File after due date than gross total income is -25000+40000=15000 OR RS 40000
Plz Give me solution
07 December 2013
GTI is Rs.15,000. Applicable section is 71(1). Checking of due date is to carry forward and set off the loss to subsequent year. Applicable section is 72.
07 December 2013
Madam/Sir I can do it but income tax officer disallowed business loss
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- LIC maturity claim whether taxable
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- EXPORT COMMERCIAL INVOICE HSN CODE
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
