80tta
Querist : Anonymous
Can deduction of 80TTA is allowed even when there is loss under the head of Income from Other Sources ?
Querist : Anonymous
Thanx for the reply but I got an Income Tax Demand u/s 143(1) of disallowance of sec. 80TTA as my Other Sources Losses were set off against Business Income and they are not giving the deduction of sec. 80TTA
Querist : Anonymous
Then can I Set Off the Income of Saving Interest against Business Income and then can claim Deduction u/s sec. 80TTA
the intra-head losses will automatically be set-off.
while you may trying claiming 80TTA deduction on the same, there are good chances that it will be disallowed in 143(1) intimation itself.
The reason for the same is because set-off and carried forward of losses (chapter VI) precede deduction under chapter VI-A.
Umesh - Gross Total Income is arrived at after adjusting for losses - for intra-head, inter-head, and brought forward losses.
However, I do agree that ITR form validates even when you are claiming intra-head adjustment as well as deduction simultaneously.
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