Hi all,
There is loss from business (assessee firm- AY 2016-17) as there is no turnover this year, while there are indirect expenses like salaries, telephone exp etc. Business loss can normally set off against income from other sources like FD interest.
But in this case since there is no turnover for business, will there be problem while setting off interest income with loss?
I am worried that the return might be defective [as the utility expects 8% of turnover as income from business if the net income is positive where as the turnover here is nil.]
I am using ITR 4
Kindly advise
CAclubindia
