setoff
This query is : Resolved
15 September 2009
brouht foward business loss of 2007-08 rs. 1250000 & return filed within due date
can the loss set off against salary income
& salary received from partner ship firm in during the year
can the loss set off against salary income
& salary received from partner ship firm in during the year
15 September 2009
Brought forward business loss can be setoff only against profits from any business or profession in the subsequent years. For this purpose business loss shall also include profits derived from a business activity but assessable under other heads.
Salary received from a partnership firm if the receiver is a partner is taxable as business income. If not partner salary is taxable under head salaries.
In case of taxable under salaries setoff of brought forward business loss is not applicable.
Since Sec 28 includes salary from partner ship firm and sec 72 specifies profit from any business or profession my opinion is we can setoff brought froward business loss.
Salary received from a partnership firm if the receiver is a partner is taxable as business income. If not partner salary is taxable under head salaries.
In case of taxable under salaries setoff of brought forward business loss is not applicable.
Since Sec 28 includes salary from partner ship firm and sec 72 specifies profit from any business or profession my opinion is we can setoff brought froward business loss.
15 September 2009
AGREE WITH SREEDHAR
15 September 2009
agree with the experts
17 September 2009
thanks 4 suggest me
thankssssssss
thankssssssss
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