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Carry forward loss

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 July 2012 Hi all,

Can an individual who is doing business carry forward his loss ?

He has a loss of 300000 last yr, and now earned 250000 , so this year can he set off whole 250000 or only 70000( 250000-180000) should be off ?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
01 July 2012 He can set off Rs.250000/-.
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Guest

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Guest (Expert)
01 July 2012 Yes it can set off your loss and you can carry forward your remaining loss for 8 years.
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