Bisuness loss agst pension inome

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JAIMIN K PATEL (Querist)
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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.

swasti

swasti (Expert)
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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.

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