Set off
This query is : Resolved
14 May 2013
business profit is there.brought foward business loss set off against it.current year business loss set off with house property loss.is this a right treatment
14 May 2013
Dear Snia
It is correct only you can set off u/s 71 & 72 of the Income Tax Act,1961
It is correct only you can set off u/s 71 & 72 of the Income Tax Act,1961
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15 May 2013
thank u mam.but in ipcc taxation solution may 2013 ,one faculty had answered in another way.ie,current business loss is set off with current year profit and carry forward the brought forward loss.inthat question there was house propery income.
15 May 2013
It can be made but the brought forward loss can be adjusted only against the particular head of income.
The current year loss can be adjusted under other heads of income except salaries.
The current year loss can be adjusted under other heads of income except salaries.
16 May 2013
thats not my doubt.order for set off.ie,brought forward bsiness loss can setoff only after setting off curent year business loss against current year business profit?
is this a rigid order?
current business loss
brought forward business loss
is this a rigid order?
current business loss
brought forward business loss
19 May 2013
reply me soon............
09 October 2021
Yes, first all the loss or gains of current year are adjusted, only after that bought forward losses of preceding years are set off, against any income of corresponding head.
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