Set off of business loss against it refund

Under Section 72 of the IT act in the event of carry forward of business losses, such carry forward business lossess can be set off against business gains only.

Can't be setoff....

Yes u can set off business loss against interest on income tax refund because business loss can be setoff any income except salary, because intt. on IT refund become part of other sources.

As per section 71/72 of income tax act 1961, loss from business or profession (other than speculation or depreciation)

(1) In same Assessment Year - Any income under any head except Salaries

(2) In subsequent Assessment Year - Business Income only

carried forward only upto 8 years

Cant be set off..

Agree with all above except Babit Khurana.

B/F losses from Business cannot be set off against Income from Other Sources.

Regards

Prateek