Set off against business loss and income from profession
This query is : Resolved
22 July 2014
Hi Folks,
I have query
Suppose XYZ is IIT pass out. Starts own venture but due to some reason start receiving losses in business few years down the line.
Freind of ABC is having company and he appoints Mr. XYZ as Technical Director.
Can Mr. XYZ can set off losses received in Business against remuneration received as technical director of the company. As both business losses and income from profession is falling under same head.
I have query
Suppose XYZ is IIT pass out. Starts own venture but due to some reason start receiving losses in business few years down the line.
Freind of ABC is having company and he appoints Mr. XYZ as Technical Director.
Can Mr. XYZ can set off losses received in Business against remuneration received as technical director of the company. As both business losses and income from profession is falling under same head.
22 July 2014
No. You can not take set off of business losses incurred in previous years as Director remuneration is taxable under the head salary and not business/profession. And set off of business losses is not available against salary income
22 July 2014
If the director is not full time director.
22 July 2014
Still it is taxable as salary, only when Director is not WTD/MD then remuneration would be taxable as Income from Other Sources, even in that case set off would not be available
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
- Inventory of finished goods
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Disallowance of Section 43B(h) to sez units
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Confusion around Form 26QB fields
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
