Hello ,
I'am Sandeep Kamath from Mangalore. It would be very helpful if you all can give me a answer to the following query,
Regards,
Sandeep Kamath
it can't be carried forward.
it has to be set off in current year first.
Yes, it is to be set off against CY profit and balance may be C/F to next year
As per my knowledge,
You have to set off in the current year only and the same cannot be carried forward
Correct me, if i am wrong....!!!!
Any loss under the head, ‘profit and gain of business,/profession’ other than speculation loss and depreciation, can be set off against any other business income or any other heads of income, except salary income, in the same AY.
After such setting off, the remaining amount is yet a loss, If the loss insgreater than income from any other business or income from any other head, then such loss can be carried forward up to 8 AYs. On carrying forward to subsequent years, this loss can be set off only against business income and not against any other head of income.
CAclubindia
