Please Help: ITR
Posted Date : 10-Jun-2013 , 03:22:16 pm | Posted By Ashish Jain
Individual having both Salary income, and professional business Loss in FY 12-13. Which ITR to file, ITR 4S, or ITR 4?? Business turnover is only Rs. 1 Lakh. and there is loss, How to adjust this loss??
Category : Income Tax | Answers : 2 | Comments : 1 | Hits : 87
Answers
Answer By: Vikky Kumar Jha
In the above case Individual has to fill ITR 4.
Business loss cannot be set-off against salary income. (It can be set-off against other incomes).
Business loss cannot be set-off against salary income. (It can be set-off against other incomes).
Answer By: CA Pardeep Chanana
File return in ITR 4. Business loss cannot be adjusted against salary income. Business loss to be carried forward.
Comments
P.Sambasiva Rao
14-Jun-2013 , 10:56:39 amThe question of filing of ITR 4S will arise only in case of Presumptive Business income. Hence, ITR 4 has to be filed for the aboue.The business loss can be set-off against other incomes other than salary income.Hence the same will be carry forward to future periods.