Comment on Taxation Simplified
commented on
24 Jul 2013, 10:31 AM
Poonam
1. If your other business makes a profit of Rs 3lks and trading a Rs 2lk Loss, your net income for the year is only Rs 1lk, you can set it off in the same year and can’t carry forward the loss.
2. Basically when you get your books audited, you cannot keep trading and other income as separate. Everything gets combined and you need to have this audited.
Cheers,