How to handle loss from my second income

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

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER

Anupam Parashar & Co.

Ghaziabad

CA Final

View Details
Company
ARTICLESHIP 21 September 2026
CA Article Assistant

KK & Company Chartered Accountant

Pune

CA Inter

View Details
Company
15 September 2026
Client-site CA associate

Aditya Muley and Co

Mumbai

CA

View Details
Company
Featured 12 September 2026
Assistant Manager - Finance & Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
Featured 11 September 2026
Audit Executive

RBSM Corporate Advisors Private Limited

Pune

CA

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
ARTICLESHIP 07 September 2026
CA Articles

Kothari Jain Patil & Chartered Accountants

Pune

CA Inter

View Details