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Q. > Please Help: ITR
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??
2 Answers
answered Jun 11, 2013 by Vikky Kumar Jha , Darbhanga
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).
answered Jun 11, 2013 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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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.