Anuj Sharma
Anuj Sharma (115 Points)
13 July 2022
can loss under head business and profession be set off against head income from other sources?
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 13 July 2022
You have not specified whether the loss to be set off are from speculative or non-speculative business?
Well, Business loss other than speculative business can be set off against any head of income except income from salary.
So, yes non-speculative business loss or losses from profession can be set off against IFOS...
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 14 July 2022
Same is set off from any income other than salary
Anuj Sharma
(115 Points)
Replied 14 July 2022
Business is non speculative but still in a question business loss is not set off against IFOS income
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