Personal income of the proprietor
This query is : Resolved
14 July 2016
Ay 2016-17 there is some personal income on account of rent receipt credited into saving bank account of the proprietor of some proprietary concern but there is a business loss in the proprietary concern. Suppose business loss is Rs 100 and the personal income is Rs 200 = Taxable income will be Rs 100 or Rs 200
16 July 2016
taxable income will be 100 provided such other income is not from capital gain or salary.
16 July 2016
If your have Income from house property for the same A.Y you can sett off business loss against such Income.
However I suggest you should read the provisions of section 71 of the Income tax Act, 1961 regarding the same for better understanding of the provisions in context to your situation. Am I right sir ?
However I suggest you should read the provisions of section 71 of the Income tax Act, 1961 regarding the same for better understanding of the provisions in context to your situation. Am I right sir ?
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