Set off of Business Loss

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Set off of  Unabsorbed Business Loss

 

Q. If X Company is having unabsorbed business loss from the Assessment year 2008-09 and in the Assessment Year 2010-11 the Company is having the Speculation Profit, Speculation profit for the A.Y. 2010-11 can be adjusted with the unabsorbed loss of the Assessment Year: 2008-09.

 

As per ready reckoner of V.K. Singhania under the Rules of Carry forward of losses given as under:

 

Other unabsorbed   Business losses means other than Speculation Loss can be setoff with

Current years any business profit (Whether from speculation or otherwise).

Replies (2)

Dear sir......

As per my understanding........

Ordinary Business loss can be carried forward and adjusted against Business income for 8 A.Y.s

Speculative Business losses can be carried forward and adjusted against Speculative income for 4 A.Y.s..

So... Speculative/Ordinary Carried over biz. loss can be adjusted against speculative income....

speculative business loss can be setoff only with speculative business income

other business loss can be setoff  with both speculative business income and other business income


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