Set off inter head adjustment
This query is : Open
07 December 2013
A Partnership firm have business loss and other souces income
Ex. Rs 50 & 75 Respectively
Return File After DUE DATE Than it can be adjusted or not
Gross Total Income=Rs 25 OR Rs 75
Plz Give Me ans with section no.
Ex. Rs 50 & 75 Respectively
Return File After DUE DATE Than it can be adjusted or not
Gross Total Income=Rs 25 OR Rs 75
Plz Give Me ans with section no.
07 December 2013
Loss cannot be adj if return is filled after due date u/s 139(1).
07 December 2013
GTI is 25 lakhs.
Reason - inter head adjustment is possible in the same asst. year vide section 71(1).
Reason - inter head adjustment is possible in the same asst. year vide section 71(1).
07 December 2013
Sir return is filed after due date.
07 December 2013
Bhavesh,
As per Section 139(3) read with section 80 If return is not filed within due date specified u/s 139(1) Loss from Business and Capital Gains shall not be carried forward However same shall be allowed as setoff in the same year . Only House Property Loss and Unabsorbed Depreciation shall be allowed as to be carried forward .
In the given case ,
Business Loss can be setoff against Income from other Sources .
As per Section 139(3) read with section 80 If return is not filed within due date specified u/s 139(1) Loss from Business and Capital Gains shall not be carried forward However same shall be allowed as setoff in the same year . Only House Property Loss and Unabsorbed Depreciation shall be allowed as to be carried forward .
In the given case ,
Business Loss can be setoff against Income from other Sources .
07 December 2013
Business Income Calculated under SECTION 44AD
EX. Net Profit Is more than 8% Before Partner salary and interest is Rs 50000
Total Partner Salary & Interest is Rs 75000
Total Business Loss Rs -25000
And Other Sources Income Rs 40000
And And Return File after due date than gross total income is -25000+40000=15000 OR RS 40000
Plz Give me solution
EX. Net Profit Is more than 8% Before Partner salary and interest is Rs 50000
Total Partner Salary & Interest is Rs 75000
Total Business Loss Rs -25000
And Other Sources Income Rs 40000
And And Return File after due date than gross total income is -25000+40000=15000 OR RS 40000
Plz Give me solution
07 December 2013
GTI is Rs.15,000. Applicable section is 71(1). Checking of due date is to carry forward and set off the loss to subsequent year. Applicable section is 72.
07 December 2013
Madam/Sir I can do it but income tax officer disallowed business loss
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