Loss of company /firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 December 2015
Loss of a company/firm can be set off another company or firm
25 December 2015
No. Each assessee is a separate entity.
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 December 2015
Then what to do
of losses occured.
of losses occured.
25 December 2015
You have to file the returns of losses also, but on or before the due dates. You can carry forward the losses if returns are timely filed. In such a situation , losses can be set off against the income of the subsequent years.
In case of business/profession-losses can be c/fd upto 8 assessment years.
In case of business/profession-losses can be c/fd upto 8 assessment years.
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