Hi all,
Plz ans wit specific case laws if ur aware and dont be general wit the ans.
Assuming case of an Individual (Basic exemption limit = 1,60,000)
# Brought forward business loss = Rs 2,50,000
Unabsorbed Depn = Rs 1,00,000
Gross Total Income = Rs 2,00,000
In the above case can the B/F loss can be set off only to the extent of Rs 40,000, so as to take the benefit of basic exemption limit - is it permissible ???
the brought forward loss should be set off to the extent of200000 without going to the basic exemption limit only against business income
Yup he's right..
| Originally posted by : Mohit | ||
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the brought forward loss should be set off to the extent of200000 without going to the basic exemption limit only against business income |
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CAclubindia
