Doubt

Direct Taxation

Can I set off against interest on income tax refund s against business income/loss

Chandramouli A

CA Inter

★ 720

05-Oct-21 19:26

585

Answers (3)

i think we cant setoff

Madhu Mohan Reddy Devarapalli

ACCA Professional

★ 7K+

05-Oct-21 21:55

Inter Head Adjustment is permissible only in the first year in which loss was generated. That means, if u have any business loss (Other than speculative or specified business loss), it can be adjusted with interest income or any income other than salary of that Asst Year.

Sudha Reddy

CA Final

★ 20K+

06-Oct-21 09:18

Sudha Reddy

Thank u mam

Thread Starter

Chandramouli A

CA Inter

★ 720

06-Oct-21 09:25

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