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SET OFF AND CARRY FORWARD OF LOSSES-1

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Augustin Bangalore
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SET OFF AND CARRY FORWARD OF LOSSES-1

Economy & FinanceTechnology
1 of 25
 
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The Loss of Rs. 200000 can be set off with his Profit of Rs. 500000. Therefore the amount taxable under the head Profit & Gains from Business will be (500000 – 200000) Rs. 300000. X has two businesses – A & B. Profit From Business A Rs. 500000 Loss From Business B Rs. 200000.
 
 
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The Net Loss from both businesses of Rs. 220000(290000-70000) can be set off with House Property income of Rs. 510000. Therefore the net income taxable is Rs. 290000. X has two non speculative businesses A & B. Besides he has income from house property. Profit From Business A Rs. 70000 Loss From Business B Rs. 290000. Income from House property Rs. 510000
 
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Type of Loss to be carried forward to the next year(s) Income against which carried forward loss can be set off in next year(s) Years HOUSE PROPERTY LOSS INCOME FROM HOUSE PROPERTY 8 YEARS. SPECULATION LOSS SPECULATION PROFITS 4 YEARS. NON SPECULATION BUSINESS LOSS: Unabsorbed Depreciation, Scientific Research & Family Planning Expenditure ANY INCOME NO TIME LIMIT Other Business Losses SPECULATIVE AND NON SPECULATIVE 8 YEARS SHORT TERM CAPITAL LOSS SHORT AND LONG TERM GAINS 8 YEARS LONG TERM CAPITAL LOSS LONG TERM CAPITAL GAINS 8 YEARS LOSS FROM ACTIVITY OF OWNING & MAINTAINING RACE HORSES INCOME FROM SUCH ACTIVITY 4 YEARS
Case study-1 ,[object Object],[object Object],[object Object]
Answers Not transfer Allowed Not taxable Not allowed Brought forward business losses-10,00,000,Bad debts Capital gain Rs. 2,50,000 Capital brought forward loss It cease to exist –not entitled If sec.72A Satisfied-deductible Unabsorbed depreciation Rs.36000, XY PQ Loss of XY before amalgamation
Capital asset converted into stock in trade ,[object Object]
Case-II ,[object Object]
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SET OFF AND CARRY FORWARD OF LOSSES-1

  • 2.
  • 3.
  • 4. The Loss of Rs. 200000 can be set off with his Profit of Rs. 500000. Therefore the amount taxable under the head Profit & Gains from Business will be (500000 – 200000) Rs. 300000. X has two businesses – A & B. Profit From Business A Rs. 500000 Loss From Business B Rs. 200000.
  • 7.
  • 8. The Net Loss from both businesses of Rs. 220000(290000-70000) can be set off with House Property income of Rs. 510000. Therefore the net income taxable is Rs. 290000. X has two non speculative businesses A & B. Besides he has income from house property. Profit From Business A Rs. 70000 Loss From Business B Rs. 290000. Income from House property Rs. 510000
  • 10.
  • 11.
  • 12.
  • 13.  
  • 14.
  • 15.
  • 16.
  • 17.
  • 18.
  • 19. Type of Loss to be carried forward to the next year(s) Income against which carried forward loss can be set off in next year(s) Years HOUSE PROPERTY LOSS INCOME FROM HOUSE PROPERTY 8 YEARS. SPECULATION LOSS SPECULATION PROFITS 4 YEARS. NON SPECULATION BUSINESS LOSS: Unabsorbed Depreciation, Scientific Research & Family Planning Expenditure ANY INCOME NO TIME LIMIT Other Business Losses SPECULATIVE AND NON SPECULATIVE 8 YEARS SHORT TERM CAPITAL LOSS SHORT AND LONG TERM GAINS 8 YEARS LONG TERM CAPITAL LOSS LONG TERM CAPITAL GAINS 8 YEARS LOSS FROM ACTIVITY OF OWNING & MAINTAINING RACE HORSES INCOME FROM SUCH ACTIVITY 4 YEARS
  • 20.
  • 21. Answers Not transfer Allowed Not taxable Not allowed Brought forward business losses-10,00,000,Bad debts Capital gain Rs. 2,50,000 Capital brought forward loss It cease to exist –not entitled If sec.72A Satisfied-deductible Unabsorbed depreciation Rs.36000, XY PQ Loss of XY before amalgamation
  • 22.
  • 23.
  • 24.