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BUSINESS LOSS SET OFF

Catherine (Article) (141 Points)

18 October 2022

Business loss can be set off against which income?

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prasad Nilugal ( GST Practitioner & Accounts ) (14599 Points)
Replied 18 October 2022

As per section 71 and 72 of the Income tax act , Business loss Can be set off against any other business income or any other heads of Income, except salary Income, in same assessment year.
After setting of such loss , still any loss You Can carried forward subsequent years, not more than 7 years, on carrying forward to subsequent years, this loss can be set off only against business income and not against any other heads.

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ANIL KUMAR KHETAN (PROPRIETOR) (524 Points)
Replied 18 October 2022

Yes it is current position in law

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