Please Explain Section 73A.......
Can Loss on account of 35AD be set off from any other Business Income (Same Head) or House Property Income (Inter Head)...??
And till how many years this loss can be carry f/d..??
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Set Off & Carry Fwd of 35AD Expenditure
Replies (3)
Loss on ( 35AD) Specified Business) is allowed to set off against income of specified business only.
Loss on ( 35AD) Specified Business can be carry forwrd upto unlimited no of Years until its Loss becomes nil.
loss on specified business u/s 35AD cannot be adjusted inter source(u/s 70) or inter head(u/s 71)....it can be carried forward for a lifetime until its set off...but it will be set off only with this specified business income only (not with any other income)
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