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Set off of unabsorbed business loss

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)

08 May 2014

Friends

Can the unabsorbed business loss of AY 12-13 be set off against income from other sources in AY 14-15. My understanding is Yes. Wanted to confirm from you all.

Regards,

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6 Replies

(Guest)

No, in following years, business loss can only be set off against business incomes.

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Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2015 Points)
Replied 08 May 2014

Manish is right, c/f business loss can be set off only from business income other than speculative business income.

Bhaskar Chandra Sahoo (AAO (CA)) (24 Points)
Replied 08 May 2014

Agreed with Mr Manish subject to filing of IT within due date.

mubashira ahmed (student) (42 Points)
Replied 08 May 2014

No in case of non speculation business loss(a ) on a/c unabsorbed depreciation and capital expenditure on scientific research and family planning - set off can be done any income except salary,no time limit. (B) other remaining loss - only with business profit only for 4 years

(Guest)

Yes, unabsorbed depreciation included in the loss can be set off in subsequent years with IFOS.

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sumit jain (Ca Final Student and Article) (71 Points)
Replied 10 May 2014

No.. can not set off carried forward unabsorbed business lossess against income from any other heads in the subsequent years. That means we can only setoff business profit from unabsorbed business loss in the subsequent years. Other than speculation profit