26 June 2012
I START MY BUSINESS SINCE LAST 8 MONTH, I MAKE LOSS RS.1.70 LACS AND THERE IS A NO SALES AND PURCHASE,ONLY EXPENSE LOSS. I HAVE ALSO PENSION INCOME WHICH IS RS.121000/- FOR THE WHOLE YR,IT IS NOT COMMUTED. PENSION INCOME IS TAXABLE OR NOT? CAN I ADJUST PENSION INCOME AGST BUSINESS LOSS. OTHERWISE CAN ANY ONE GIVE ME COMPUTATION OF TOTAL INCOME.
26 June 2012
Loss from Business/Profession cannot be set off against income under the head Salaries. Your pension income is below the threshold limit and is not taxable. The business loss would be carried forward.
CAclubindia
