Set off of business loss against interest on it refund
This query is : Resolved
09 June 2012
my client received it refund in Fy 2011-12. my question is can we set off business loss against interest on it refund( income from other sources).. it refund is for the fy 2005-06
CA PARAS BAFNA
(Expert)
10 June 2012
Since the interest has become due only when refund has been issued, it is definitely an income which can be a/c for when refund is received. Current year's business loss can be set off against it.
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B/f Non-Spec. Business loss can only be set off against the business income of the current year.
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B/f Non-Spec. Business loss can only be set off against the business income of the current year.
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