Can anybody clarify the difference between the Expenses and Expenditures.
Can anybody clarify the difference between the Expenses and Expenditures.
| Originally posted by :Jignesh | ||
| " | Hi friends. Have a query on calculating Total Tax. Assume my Salary Income is 5 lac and TDS is deducted every month. Also for the year I also made a LOSS by sale of shares say 1 lac. How is total tax calculated in this case? a) Is my year income taken as 4 lac or 5 lac b) Do i get a refund if income is calculated as 4 lac c) If not what happens to the LOSS i made ? Please advice |
" |
Ur Business?Capital loss can't be set off againts Salary Income it shud C/F for few years....
| Originally posted by :PiyushAgrawal | ||
| " | Originally posted by :Jignesh " Hi friends. Have a query on calculating Total Tax. Assume my Salary Income is 5 lac and TDS is deducted every month. Also for the year I also made a LOSS by sale of shares say 1 lac. How is total tax calculated in this case? a) Is my year income taken as 4 lac or 5 lac b) Do i get a refund if income is calculated as 4 lac c) If not what happens to the LOSS i made ? Please advice " Ur Business?Capital loss can't be set off againts Salary Income it shud C/F for few years.... |
" |
Business loss cannot be set off against salary income. Capital loss cannot be set off from any other head of income. Tax will be calculated on 5 Lac.
i think expense means the beneit will lapse within/in a a/cing year..... i.e revenue.........expenditure means the benefit will exist even after one year.......I.E CAPITAL NATURE
for eg...purchase of asset is expenditure and its depreciation is an expense........ pls get this clarified with CA SIRS
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