Set off of losses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 June 2014
Dear Sir/Madam,
Can loss of proprietorship business be carried forward and set off against profits of partnership business? If so what are the conditions to be satisfied ?
Can loss of proprietorship business be carried forward and set off against profits of partnership business? If so what are the conditions to be satisfied ?
25 June 2014
you can set of the business loss with another business profit.
you can do this when filing your itr and loss can set off only for 8 year, first in which it determine. and in loss year itr will file with in time as mention in 139(1).
you can do this when filing your itr and loss can set off only for 8 year, first in which it determine. and in loss year itr will file with in time as mention in 139(1).
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