Home › CA Final › taxation › Profits and Gains of Business or Profession › Non-speculative business loss in current year ca…
Non-speculative business loss in current year can be set off against:
ASalaries
BSpeculative income only (per relevant Section)
CCapital gains only
DIncome under any head except salaries
Answer & Solution
Correct answer: D. Income under any head except salaries
1. Section 71 governs inter-head set-off.
2. Non-speculative business loss set off against income under any head except salaries.
3. Section 72: c/f for 8 AYs against future business income.
_Source: ICAI BoS CA Final Paper 7, Ch 3 "Profits and Gains of Business or Profession"_
Related questions
Section 145 method of accounting for PGBP is:'Block of assets' under Section 2(11) is:Section 36(1)(iva) deduction is for:Section 37(1) general deduction allows expenditure that is:Section 36(1)(viia) provision for bad debts is for:Section 30 covers expenses related to:Section 32AD investment allowance was for new plant in backward areas of:Section 35AD applies to: