CA Girish Kumar S (B.Com(Hons), CA) (61 Points)
13 December 2010Hi all,
Plz ans wit specific case laws if ur aware and dont be general wit the ans.
Assuming case of an Individual (Basic exemption limit = 1,60,000)
# Brought forward business loss = Rs 2,50,000
Unabsorbed Depn = Rs 1,00,000
Gross Total Income = Rs 2,00,000
In the above case can the B/F loss can be set off only to the extent of Rs 40,000, so as to take the benefit of basic exemption limit - is it permissible ???
CA Mohit Thareja
(Assistant Manager-Accounts & Finance)
(1117 Points)
Replied 13 December 2010
the brought forward loss should be set off to the extent of200000 without going to the basic exemption limit only against business income
CAclubindia
