Set off of losses u/s 115BAA

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19020 Points Posted on 29 January 2021

I've opted for filing my returns u/s 115BAA. Can I set off my losses if it arises in the future?

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On 29 January 2021 at 16:42 Report
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This discussion clarifies that if you choose to file your returns under Section 115BAA, you generally cannot set off future losses. The consensus is that this option restricts the ability to carry forward or set off losses against income. It also touches upon setting off capital gains tax and handling losses from proprietorship projects.

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Chartered Accountant
24588 Points Posted on 29 January 2021
No under section 115BAA set off are not allowed
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On 29 January 2021 at 17:52
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Tax consultant
5895 Points Posted on 29 January 2021
No you can't if you opted for u/s 115BAA
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On 29 January 2021 at 19:30
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47 Points Posted on 30 January 2021
In which section can we set off capital gain tax ? if I have loss( WIP basis ) a project in my proprietorships company ?
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On 30 January 2021 at 17:57

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