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
Message likes :
1 times
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
