Set off of business loss
ABHISHEK JAISWAL (34 Points)
18 December 2019
can business loss be set off against income from other sources such as interest income?
4 Replies
akhila
(freelancer)
(174 Points)
Replied 18 December 2019
Business loss other than speculative business loss can be set off income from other sources (including interest income).But inter head adjustment is permissible only in the year in which loss has been incurred.In subsequent years,such unabsorbed business losses can be set off with income from business and profession only.
Kapadia Pravin
(17264 Points)
Replied 19 December 2019
Yes you can set off business loss (but not speculation loss) against income from other sources., (during the same AY only)
Recent Topics
- Type of account validation error
- Deductions under 80TTB &80D (actual medical ex
- GST system notice u/s 46
- Unable to add second employer in Schedule Salary i
- Income Tax E-form 71 u/s 155(20) Rule 134
- ACCOUNTING OF JOINT HOME LOAN & TREATMENT IN I
- Error in Filing online ITR 2 online java utility
- What is the New time limit for sect6148 notice?
- Type of Account Error in ITR2
- LTCG on Foreign RSU Stock sale
Related Threads
Trending Online Classes
CAclubindia
