Hi Experts, Need some guidance.
I am a salaried person in 30% slab with some FDR interest income on top of it.
I plan to start a business in parallel and to start with was planning to go with proprietorship to avoid annual compliance costs. I want some help in understanding that can my expenses in business in year can be set off against the my FD interest income.
Like say I earn 1 Lakh interest income currently I pay 33K tax on that too so if I start a business and say in initial years I am not in profit and just spending like for first year I spent 1 Lakh with no /very less profit. Can I set off the remaining amount as business loss and adjust it against my 1 Lakh interest income and save tax there ?
Please advice
CAclubindia
