Intra-head Set Off The losses from one source of income can be set off against income from another source under the same head of income. For eg: Loss from Business A can be set off against profit from Business B, where Business A is one source and Business B is another source and the common head of income is “Business”. Exceptions to an intra-head set off: Losses from a Speculative business will only be set off against the profit of the speculative business. One cannot adjust the losses of speculative business with the income from any other business or profession. Loss from an activity of owning and maintaining race-horses will be set off only against the profit from an activity of owning and maintaining race-horses. Long-term capital loss will only be adjusted towards long-term capital gains. However, a short-term capital loss can be set off against both long-term capital gains and short-term capital gain. Losses from a specified business will be set off only against profit of specified businesses. But the losses from any other businesses or profession can be set off against profits from the specified businesses. Inter-head Set Off After the intra-head adjustments, the taxpayers can set off remaining losses against income from other heads. Eg. Loss from house property can be set off against salary income. Given below are few more such instances of an inter-head set off of losses: Loss from House property can be set off against income under any head Business loss other than speculative business can be set off against any head of income except income from salary.
at the filling of appeal fact of case and grounds of appeal were not properly filed only said that due to illness unable to produce documents before AO. How to now submit written submission now.
Long-term capital loss will only be adjusted towards long-term capital gains. However, a short-term capital loss can be set off against both long-term capital gains and short-term capital gain
Sir is any time limit for action by department after filing appeal under NFAC? Because i have filed appeal in jan 21 but till now no action taken from department side on said appeal. Please suggest me sir Thanks
Madam, I appreciate your understanding and seek your advice in on following query: My brother is carrying business for which he opted IT on presumptive basis u/a 44AD. But Demand Notice was issued on the information Form 26AS, which was erroneous. As wrong TDS was in name of the assessed. I preferred appeal. Plz. Advice on the case. Regard’s Raju Patnaik
Thank you Mam,
very much knowledgable video having deep details
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Please provide the soft copy maam
Business loss allowed to be set off but change in sequence n tax calculation done without set off
Intra-head Set Off
The losses from one source of income can be set off against income from another source under the same head of income.
For eg: Loss from Business A can be set off against profit from Business B, where Business A is one source and Business B is another source and the common head of income is “Business”.
Exceptions to an intra-head set off:
Losses from a Speculative business will only be set off against the profit of the speculative business. One cannot adjust the losses of speculative business with the income from any other business or profession.
Loss from an activity of owning and maintaining race-horses will be set off only against the profit from an activity of owning and maintaining race-horses.
Long-term capital loss will only be adjusted towards long-term capital gains. However, a short-term capital loss can be set off against both long-term capital gains and short-term capital gain.
Losses from a specified business will be set off only against profit of specified businesses. But the losses from any other businesses or profession can be set off against profits from the specified businesses.
Inter-head Set Off
After the intra-head adjustments, the taxpayers can set off remaining losses against income from other heads.
Eg. Loss from house property can be set off against salary income.
Given below are few more such instances of an inter-head set off of losses:
Loss from House property can be set off against income under any head
Business loss other than speculative business can be set off against any head of income except income from salary.
Can you please suggest a case law where whole credits in bank account has been considered as income?
Dear Sir, You can search the case at this link:- www.taxpundit.org/
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at the filling of appeal fact of case and grounds of appeal were not properly filed only said that due to illness unable to produce documents before AO.
How to now submit written submission now.
Please share the copy of assessment order and grounds of appeal and statement of fact.
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Hi mam can I get draft written submissions before CiT appeals it's urgent
it is available at kondeshsoftaxaid.myinstamojo.com/
Any case law for change in set off sequence from Ltcg to stcg
Long-term capital loss will only be adjusted towards long-term capital gains. However, a short-term capital loss can be set off against both long-term capital gains and short-term capital gain
Share me how to write statement of fact and grounds of appeal
Sample format link is given in description box
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Sir is any time limit for action by department after filing appeal under NFAC?
Because i have filed appeal in jan 21 but till now no action taken from department side on said appeal.
Please suggest me sir
Thanks
You can raise the query through the email
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Madam,
I appreciate your understanding and seek your advice in on following query:
My brother is carrying business for which he opted IT on presumptive basis u/a 44AD. But Demand Notice was issued on the information Form 26AS, which was erroneous. As wrong TDS was in name of the assessed. I preferred appeal. Plz. Advice on the case.
Regard’s
Raju Patnaik
Reply the demand notice with above fact.
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Maam
Pl provide me the soft copies
Soft copy link given in descriptions box
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mam can you please share a soft copy. we need to file appeal against the employee share addition as per section 36(1)(va)
please send detail at support@kondesh.in
Can you please share a soft copy for reference
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Maam can you please share the sofy copy of the reply
SAMPLE WRITTEN SUBMISSIONS BEFORE NATIONAL FACELESS APPEAL CENTRE (NFAC), DELHI - See more at:- imojo.in/1ef6WaR
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mam, your vidoes are detailed & excellant,voice is absolutely clear,can you pl send me copy of submission
Link is Given in Description Box.
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How to contact you mam need written submissions draft
you can contact us on support@kondesh.in
Mam is it possible to concact u for it issue
support@kondesh.in
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Pls share a soft copy
SAMPLE WRITTEN SUBMISSIONS BEFORE NATIONAL FACELESS APPEAL CENTRE (NFAC), DELHI - See more at:- imojo.in/1ef6WaR
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Mam I have received some notice from department kindly help me.
Send us at support@kondesh.in
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I want to draft a statement of facts
please share copy of order at support@kondesh.in
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Can your share your draft reply
SAMPLE WRITTEN SUBMISSIONS BEFORE NATIONAL FACELESS APPEAL CENTRE (NFAC), DELHI - See more at:- imojo.in/1ef6WaR
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Can you draft it for me
Sure send order at support@kondesh.in
Mem Please share you mobile no
Please help for submission filled to 1 appel
Definitely
@@narendrarawat6249 please share detail at support@kondesh.in