Sir,
Is it necessary to set off current year business losses before setting off brought forward business loss?
(both being non-speculative)
Eg.
Income from HP = 60,000
Income from business A= 1,00,000
Current year loss in business B= 50,000
B/f loss in business A= 70,000
B/f loss in business B= 80,000
Please tell me what will be the minimum possible GTI in such a case.
Can we first set off b/f losses of 1,50,000 with PGBP income of 1,00,000
(50,000 being c/f further)
Then set off current year business loss with HP Income.
Or is it necessary that i must first set off current year loss from pgbp income only?
Menu
Set off and carry forward of losses
Replies (3)
Yes.. It's necessary to set off current year business losses against same head of income Sec 70.And then inter head adjustment is allowed Sec 71.
And order of loss of set off should be current year exp/dep/scientific research exp/family planning expenditures then Brought forward loss, after that unabsorbed dep, capital exp on scientific research, family planning expenditure
You know what, same question I asked at other platform, their opinion was first current year expenditure then previous year exp/losses.Don't you think this type of provision are not in interest of assessee.
Recent Topics :
- Query on FLAIR return
- Itr 4 problem
- Capital Gains Mismatch Due to Sale Agreement in FY
- REGARDING NRO INVESTMENT IN SHARES OF DOMESTIC COM
- DTAA benefits
- SUPPLEMENTARY AGREEMENT FOR ADDING A PARTER IN TN
- Part availmement of ITC in case of rejection of su
- Due date for itr 5 no audit with loss for fy 25 26
- Capital Gains Mismatch AIS
- Inward E-way bill from Tally Prime 7.1
Related Topics :
CAclubindia
