Menu
BUSINESS LOSS SET OFF
Business loss can be set off against which income?
Replies (2)
As per section 71 and 72 of the Income tax act , Business loss Can be set off against any other business income or any other heads of Income, except salary Income, in same assessment year.
After setting of such loss , still any loss You Can carried forward subsequent years, not more than 7 years, on carrying forward to subsequent years, this loss can be set off only against business income and not against any other heads.
After setting of such loss , still any loss You Can carried forward subsequent years, not more than 7 years, on carrying forward to subsequent years, this loss can be set off only against business income and not against any other heads.
Yes it is current position in law
Recent Topics :
- IDS Refund: GSTR-2B Invoice Not Validated in State
- Self assessment tax paid not reflected in ITR2 fil
- Tax on nps corpus
- Tired converting GSTR-1, 2B & 3B to Clean Exce
- TDS on under construction property not deducted
- GST on Fixed Assets
- GST ITC april 22
- GST PAYMENT REGARDING
- GST Consultation Required – June–Augus
- TDS Code for Salary Payment to Non-Resident Intern
Related Topics :
CAclubindia
