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Set off of unabsorbed business loss

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CA in service & CS. dipmaj@
3492 Points Joined June 2011

Friends

 

Can the unabsorbed business loss of AY 12-13 be set off against income from other sources in AY 14-15. My understanding is Yes. Wanted to confirm from you all.

 

Regards,

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On 08 May 2014 at 14:32 Report
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No, in following years, business loss can only be set off against business incomes.

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On 08 May 2014 at 17:29
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Chartered Accountants
2015 Points Joined August 2010

Manish is right,  c/f business loss can be set off only from business income other than speculative business income.

 

 

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On 08 May 2014 at 17:41
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AAO (CA)
24 Points Joined August 2013
Agreed with Mr Manish subject to filing of IT within due date.
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On 08 May 2014 at 19:01
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student
42 Points Joined April 2014
No in case of non speculation business loss(a ) on a/c unabsorbed depreciation and capital expenditure on scientific research and family planning - set off can be done any income except salary,no time limit. (B) other remaining loss - only with business profit only for 4 years
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On 08 May 2014 at 20:12
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Yes, unabsorbed depreciation included in the loss can be set off in subsequent years with IFOS.

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On 09 May 2014 at 10:55
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Ca Final Student and Article
71 Points Joined July 2009
No.. can not set off carried forward unabsorbed business lossess against income from any other heads in the subsequent years. That means we can only setoff business profit from unabsorbed business loss in the subsequent years. Other than speculation profit
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On 10 May 2014 at 13:46

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