Setting of income
This query is : Resolved
05 February 2016
A Private Limited Company has earns Income from House Property of Rs.60 Lakhs & Income from Business Profession of Rs.5 Lakhs. The directors of the company draws director’s remuneration of Rs.20 Lakhs during the financial year due to this there is a net loss of Rs.15 Lakhs. The Private Limited Company pays income tax on the net income after setting off the loss from Business head with income from House Property. This is regular feature of company’s operation.
Is this justified.
Is this justified.
08 February 2016
YES UNDER SECTION 71(1) THE LOSS CAN BE SET OFF
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