Poonawalla fincorps
Poonawalla fincorps

Business loss merged with other income

This query is : Resolved 
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(Querist)
20 June 2014 OTHER INCOME:
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Electricity Subsidy Receipt: Rs7,39,270
Interest on IT Refund Rs 10,990
Interest on Security Deposit Rs 71,550

Total Other Income Rs. 8,21,810
Less Business Loss Rs. 4,58,644

Nett Profit Rs. 3,63,166

Taxable Income Rs. 3,63,166

Am I right Sir ?

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Nikhil Kaushik

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Nikhil Kaushik (Expert)
20 June 2014 this is called set off of current year losses.

yes is it permitted to set off business loss against other income.
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Rupesh Jain

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Rupesh Jain (Expert)
20 June 2014 yes you can set business loss against the other income head.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
24 June 2014 yes set off is permitted..............................

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