what does it mean in 143 (1)
The claim of set off of current year loss
shown in part -BTI is not consistent with
the loss computed in the schedules of the
corresponding heads of Income OR the
priority of set off of the current year loss
is not consistent with the provisions of the
Act.
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143(1)
Replies (12)
Proper set off is not been taken in original return filed by you and so have got notice
Actually we have business loss so we adjusted loss with IFOS income we did correctly
Business loss can be set off only against business gain and return need to be filed on time i.e before due date
no and return field in before due date
Yes so you have taken wrong set off.
loss is non speculative so we can adjust current year loss with any head other than salary and casual income
Losses from a Speculative business will only be set off against the profit of the speculative business. One cannot adjust the losses of speculative business with the income from any other business or profession.
Business loss other than speculative business can be set off against any head of income except income from salary.
yes, this is non speculative business so we can adjust
Yes, then reply to AO accordingly
thank u for response
What should be the response to AO..??
Give reference of income tax section and say that set off taken is as per act.
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