Menu
Losses under Other Head of Income
Loss under the head other Sources
An assessee has taken money on loan from various persons on which he pays interest. he has given money on loan to several other persons from whom he receives interest. can he show loss from this process under the head income from other sources. will the loss shown in income tax return be acceptable to the department.
Replies (3)
Yes he can show Loss under the head Other sources.
Yes ofcourse!!! Loss is acceptable to the department..
if he pays high rate of interest and receive lower rate, then department may suspect it as manipulation to reduce the tax liability, so get all related documents ready with agreements, ledgers and loan confirmation for inward and outward both.
Recent Topics :
- Investment fund's income from ncd distribution to
- Cialis 20 mg – General Information About Tad
- Comparative BS PL with Audit report
- Source of funds in IT returns
- Work from home job
- TDS ON ANY PURCHASE OF ANY GOODS - 393(1)
- TDS on payment to a non resident
- NSFA(National Food Security Act) commission
- RCM applicability on petty GTA freight (₹450
- Short payment reccieved in export & GST implic
Related Topics :
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
ARTICLESHIP
16 September 2026
Article Assistant
MANUJ SHARMA AND COMPANY
Noida
CA Inter
View Details
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
22 September 2026
Account Assistant
Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
View Details
ARTICLESHIP
30 September 2026
CA Article Assistant
CA Suraj Garg & Associates
New Delhi
CA Final
View Details
CCI
Pro
CAclubindia
