Set off losses
This query is : Resolved
Guest
Guest
(Querist)
05 October 2013
Pre Commencement of Production Expenses .The company has not started its production and incurred loss. the company received a loan from bank for paying of its requirements such as purchase of fixed assets. The company made short term fixed deposits of loan and received interest income . Can this income be setoff against its losses
07 October 2013
If the commencement of business (as per income tax act - various case laws are on the commencement) then you cannot claim 35D. Income earned shall be taxed as income from other sources. Pre-commencement expenses are anyways disallowed.
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