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Income tax setoff

Tax queries 334 views 7 replies

Sir,  My query is with regards to set off of PGBP loss with IOS, Is it allowed as per provisions of the Income tax act ? As CPC is not allowing the said set off, this query is raised. Moreover, while going through the set off provisions, nowhere we are barred from making the setoff of PGBP loss with IOS.

 

Please guide.

Replies (7)
Business loss other than speculative business can be set off against any other head of income except income from salary.

Hi Ameet,

I understood your query

Could you mind sharing the screenshot of the assessing officer disallowance? This helps in addressing your query

Thanks,

What type of PGBP loss it is ? Regular business ?
Is it a speculation loss ?
is it b/f business loss
what type of income from other sources ?
On what ground CPC is not allowing
Check all such points and determine stand
Sir, The loss is regular and IOS is interest income. Grounds not stated by CPC.
Ya sir, Please share your email id, will send to you.
It is -. pnkapadia @ gmail.com

Sir, Email sent. Please check and reply.


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