Saturday, July 25, 2020

ITAT rightly disallowed Set-off of business loss against salary income; unabsorbed losses to be carry forwarded

INCOME TAX: As per provision of section 71(2A) and explanatory memorandum to Finance Act, 2004 amending provision of section 71(2A) w.e.f 01.04.2005, losses under head income from business or profession, including unabsorbed depreciation, if any cannot be set off against income assessable under head salaries

from www.taxmann.com Latest Case Laws https://ift.tt/30KdVzD
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