Interest income set off business loss?

Seth (M) (148 Points)

10 July 2013  

Hello,

I am a salaried employee and have income from 3 sources:

A) Salary

B) Interest from savings and Fixed Deposits (around 42,000)

C) A content writing business where I run websites and pay content writers for creating website content ( I have loss from this, around 30,000)

 

I am using ITR4 for filing returns. My questions are:

1) Is business loss (from C) speculative or non-speculative?

 

2) Can the business loss (from C) be setoff against interest income (from B)?

 

3) While using Excel based ITR4 sheet CYLA-BFLA, it is automatically adjusting for interest income (from B) and loss (from C) which indicates that answer to pt 2 above is YES, but I wanted to confirm with the experts.

 

Please help with your expert advice.

Thanks