my client received it refund in Fy 2011-12. my question is can we set off business loss against interest on it refund( income from other sources).. it refund is for the fy 2005-06.
thanks
kavitha
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Set off of business loss against it refund
Replies (8)
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.
Current year business loss can be set off with any other head except salary. But carry fwd bus loss can be set off only with business income.
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
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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 |
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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
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