Set off of business loss agnst other source of income (INT)

This query is : Resolved

Guest

Guest (Querist)

24 September 2010 Dear Friends / Experts,

Please confirm whether the BUSINESS LOSS can be set off against OTHER SOURCE OF INCOME i.e. Interest Income from bank and post office.

While filling the Income Tax Return for an individual (Form ITR-4), I am facing the above situation.

Please confirm with any supporting for my understanding.

Thanks.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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24 September 2010 Inter head setoff is allowable except the followings-
1.loss under cap gain
2.Loss from owing and main race horses
3. Agst. winning of lottories
4. Loss from purchase and sale of securities.
5. Business loss agst Salary.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 September 2010 Sir
Current year "business loss" is permitted to set off against current year "income from other sources" as per section 71 of the Income tax Act,1961.

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