Set off of losses

Direct Taxation

Can’t pgbp lossbe set off against any head of income other than salaries? Then why in this q they haven’t set off70k loss with ifos?

SANSKRITI BADRI 2111339

CA Final

★ 4K+

24-Feb-23 08:26

749

Answers (2)

These are brought forward

CA Suraj Lakhotia

Admin

24-Feb-23 08:31

PGBP losses cannot be Set off against Income from Salaries. That Rs. 70000 loss cannot be set off against IFOS. Because it is a Brought forward loss from discontinued business. There is a rule that Brought forward loss can be set off only against INCOME FROM SAME HEAD only. So it should be carried forward to next year.

Karthick A

CA Final

★ 1K+

24-Feb-23 12:29