Is it necessary to set off current year business losses before setting off brought forward business loss?
(both being non-speculative)
Eg.
Income from HP = 60,000
Income from business A= 1,00,000
Current year loss in business B= 50,000
B/f loss in business A= 70,000
B/f loss in business B= 80,000
Please tell me what will be the minimum possible GTI in such a case.
Menu
Set off and Carry forward
Replies (5)
Rs. 60,000/-. As b/f loss from PGBP cannot be adjusted against income from HP.
But Ma'am is it possible that i set off Current year business loss of 50,000 with HP income,
and the b/f business losses with the Pgbp income?
GTI would come to 10,000 then.
and the b/f business losses with the Pgbp income?
GTI would come to 10,000 then.
No. First intra-head sett off, only after that inter-head....
So its not possible that we exhaust the entire Pgbp income first from the b/f losses?
And since nothing is left in pgbp set off the current year loss with HP income.
And since nothing is left in pgbp set off the current year loss with HP income.
1. No.
There is no concept of intra-head, unless its speculative & non-speculative.
All the non speculative (as in the example) incomes are summed up, be positive or negative, then adjusted inter-head.
Any balance adjusted against b/f. losses under same head..
Recent Topics :
- Capital gains on sale of flat from wife to husband
- TDS filing for the 1st quarter of TY 2026-27
- Login into Old Traces Portal
- Professional Income reporting in ITR-3
- Pf exemption in hand of spouse on demised of husba
- Missed deadline to revise ITR for a foreign asset
- Durga Puja 2026 Dates: Mahalaya, Shashthi to Vijay
- Indo-MIM IPO Allotment Date, Status Check and List
- GSTR 1 filed but GSTR 3 B no filed
- ITR FORM FILING REGARDS
Related Topics :
CAclubindia
