BUSINESS LOSS SET OFF
Catherine (Article) (141 Points)
18 October 2022
Business loss can be set off against which income?
2 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14901 Points)
Replied 18 October 2022
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.
ANIL KUMAR KHETAN
(PROPRIETOR)
(542 Points)
Replied 18 October 2022
Yes it is current position in law
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