Please Help: ITR
Posted Date : 10-Jun-2013 , 03:22:16 pm | Posted By: Ashish Jain
Category :
Income Tax | Answers :
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Comments :
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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?? |
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Answers:
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 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).
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| Answer by: CA Pardeep Chanana |
| File return in ITR 4. Business loss cannot be adjusted against salary income. Business loss to be carried forward.
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| Comments |
| Posted By : P.Sambasiva Rao |
14-Jun-2013, 10:56:39 |
| The 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.
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