How to handle loss from my second income

680 views 4 replies

Dear Members,

I am having 2 source of income. One is from my salary and other one is from a shop which I am running with some staffs. This financial year is my first chance to file tax with 2 income.

But unfortunately from my shop I didn't earn much rather when I check balance sheet I am in a loss of around 1.5 Lakh against rent, Staff salary etc.

Can I claim tax rebate on the loss? I am sure I can do it, can someone help me how to handle this. What all documents I need to produce to claim the same? Someone please help me on this.

 

Regards

 

 

Replies (4)

Loss from business can not set off with salary income , you can carry forward the loss for next 8 year to setoff against the profit from such business in that year,

YOU HAVE TO MAINTAIN BOOKS OF ACCOUNTS U/S 44AA

AND GET AUDITED BY CA U/S 44AB 

 

Thanks Ganesh, Reena, For your information.

Carrying forward losses is useful information. I need to contact CA for this, right?

Ya ..absolutely right

 

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