Adjust business loss in income

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  1. manoj469

    manoj469 New Member

    My income for 15-16 is 5.47 lakh. I have lost approx 3 lakhs in my registered private business. Can this be adjusted in my income for the purpose of tax calculation and thus saving tax for me?

    Also, I have invested 60k so far under 80c. I dont want to invest 90k more since I dont have that much savings left.

    Can I somehow save tax without investing?
  2. Karan Batra

    Karan Batra Well-Known Member

    1. Was the loss in the name of Company or your Individual name?
    2. To claim deduction under Section 80C, you will have to invest somewhere. Deduction without Investment wont be allowed
    Abhijit Guha likes this.
  3. manoj469

    manoj469 New Member

    I was transacting from my personal account and credit card. For eg : Salary to the employees, equipments, online subscriptions.

    I also transferred some money to the company's account from my personal account.

    There were very few transactions that were executed using company's account as most of the transactions were cash on delivery.
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