Sir,
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.
Can we first set off b/f losses of 1,50,000 with PGBP income of 1,00,000
(50,000 being c/f further)
Then set off current year business loss with HP Income.
Or is it necessary that i must first set off current year loss from pgbp income only?
the order for set off of losses is prescribed under the act.
first current year losses to be set off. after that b/f losses then unabsorbed depreciation
CAclubindia
