Set off of non speculative loss
This query is : Resolved
10 February 2010
Whether a non speculative loss be set of against share of profit of a partner of a firm carrying on CA practice and whether any CA rules affects dis?
10 February 2010
Refer sec. 70- loss from one business source can be adjusted against other business income
However refer code of ethics for practicing CA. According to me a practicing CA cannot engage in any other business. So practical advice is do not set off business loss against CA firm share of profit
However refer code of ethics for practicing CA. According to me a practicing CA cannot engage in any other business. So practical advice is do not set off business loss against CA firm share of profit
Message likes :
1 times
10 February 2010
Share in the total income from a partnership firm is an exempted income under section 10(2A) of the Income tax Act,1961. So question of set off as cited in the query does not arise. In view of that reference to code of ethics is not being made.
Message likes :
1 times
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
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Form 121-contradictory opinions
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
