If Mr x has two businesses one is normal business which has no turnover and all expenses incurred is showing as loss of 212000 during Assessment year 19-20 and Another Business which is in Presumptive is also having loss But having turnover of 14 lakhs but as taking deemed profit as 8% computation is prepared taking 112000 for Presumptive scheme opted business
so my question is is that can we set of income of Presumptive business i.e 112000 from that normal business loss i.e 212000 and carry forward 100000/- Re loss for next assessment year ?
Normal business books of accounts to be maintained
if yes then can be set off
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