Sir,
Is it necessary to set off current year business losses before setting off brought forward business loss?
(both being non-speculative)
Eg.
Income from HP = 60,000
Income from business A= 1,00,000
Current year loss in business B= 50,000
B/f loss in business A= 70,000
B/f loss in business B= 80,000
Please tell me what will be the minimum possible GTI in such a case.
Can we first set off b/f losses of 1,50,000 with PGBP income of 1,00,000
(50,000 being c/f further)
Then set off current year business loss with HP income?
Or is it necessary that i must first set off current year loss from pgbp income only?
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Business income set off
Replies (1)
there is a procedure....
income from business xxxx
less: current year depreciation xx
less: B/f losses. xx
less: unabsorbed depreciation xx
if business head is not enough to meet the loss... it should be balanced by the inter head like HP, CG, OS
income from business xxxx
less: current year depreciation xx
less: B/f losses. xx
less: unabsorbed depreciation xx
if business head is not enough to meet the loss... it should be balanced by the inter head like HP, CG, OS
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