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?
CAclubindia
