Set off loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 March 2014
Partner have taxable income(remuneration) and share of profit from registered partnership.He has some carried forward business loss from his individual business.
whether this carried forward loss will be adjusted agst share of profit firstly and then remaining agst remuneration or vice versa?
Please give case reference if any and reply early as we are considering to go for appeal.
whether this carried forward loss will be adjusted agst share of profit firstly and then remaining agst remuneration or vice versa?
Please give case reference if any and reply early as we are considering to go for appeal.
15 March 2014
Firstly share in profits of firm is EXEMPT in the hands of the partner.
Only remuneration is taxable under the head Income from Business or Profession.
So brought forward loss will be set off from remuneration income.
Only remuneration is taxable under the head Income from Business or Profession.
So brought forward loss will be set off from remuneration income.
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