Treatment of Loss /profit in the case of individuals
This query is : Resolved
20 October 2024
what will be the treatment of loss / profit in the case of an individual.
22 October 2024
Profit:
Reported as income.
Taxed according to the individual's income tax slab rate.
Loss:
Can be adjusted against other income.
If unable to adjust, carried forward for set-off against future income.(e.g., business loss against business income).
Losses that cannot be set off in the current year can be carried forward to future years for set-off against income from the same head.
Reported as income.
Taxed according to the individual's income tax slab rate.
Loss:
Can be adjusted against other income.
If unable to adjust, carried forward for set-off against future income.(e.g., business loss against business income).
Losses that cannot be set off in the current year can be carried forward to future years for set-off against income from the same head.
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