Loss in business and profession

This query is : Resolved

kanchan (Querist)
Follow

18 July 2012 Experts i got a loss in my business and profession can i set of it wid ma salary income. so that ma tax b reduced and the tds become refundable.

is this in income tax can we set of our loss wid our salary income

guide me

SANYAM ARORA

SANYAM ARORA (Expert)
Follow

19 July 2012 Loss under the head B/P can be set of against any income except salary income and casual.

shakti soni

shakti soni (Expert)
Follow

20 July 2012 Loss from business can be set off against speculative as well as non speculative income but it cannot be set off against salary income.................This rule was introduced by the great mind Chidambaram...........

There are lot of other provisions its better u refer the chapter "set off of Losses"

Rgds
Shakti Soni

Upgrade to CAclubindia Pro. Subscribe Now!

kanchan

kanchan (Querist)
Follow

08 August 2012 Thanks to experts my problem resolved..