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Income tax setoff

Tax queries 262 views 7 replies

CA Ameetkumar Jain

Practising Chartered Accountants

83 Points Joined January 2009

Sir, My query is with regards to set off of PGBP loss with IOS, Is it allowed as per provisions of the Income tax act ? As CPC is not allowing the said set off, this query is raised. Moreover, while going through the set off provisions, nowhere we are barred from making the setoff of PGBP loss with IOS.

Please guide.

Replies (7)

Miss Mansi Bhojani

Practicing Chartered Accountant

1736 Points Joined August 2012

Business loss other than speculative business can be set off against any other head of income except income from salary.

Charan Raju

Manager

132 Points Joined May 2016

Hi Ameet,

I understood your query

Could you mind sharing the screenshot of the assessing officer disallowance? This helps in addressing your query

Thanks,

Kapadia Pravin

17264 Points Joined December 2018

What type of PGBP loss it is ? Regular business ?
Is it a speculation loss ?
is it b/f business loss
what type of income from other sources ?
On what ground CPC is not allowing
Check all such points and determine stand