Hello,
I am a salaried employee and as per the norm, my employer deducts the income tax by TDS. I also have a private consulting firm in another domain and have a proprietership firm registered in my name.
For the previous financial year, my expenses for this firm surpassed my income from consulting & therefore, there is a net loss.
My query is whether I can claim this loss when I file my ITR-2 and deduct this amount from the net taxable income when computing the income tax ?
Eg:
Net taxable income (From Salary) - A
Income Tax for Salary - B
Income from consulting - X
Expenses from consulting - Y
Loss = Y - X
Can the net taxable income be offset to A - (Y - X) ?
Thanks in advance for the help !
CAclubindia
