Can b/f Business loss be set off against Speculation income??
As both are of the same head " BUSINESS "
Losses from a specified business will be set off only against profit of specified businesses. But the losses from any other businesses or profession can be set off against profits from the specified businesses.
Loss from speculative business cannot be set off against any other income. However, non-speculative business loss can be set off against income from speculative business.
CAclubindia
