Set off & carry Forward of Losses
This query is : Resolved
Nidhi Banwari
(Querist)
28 April 2009
Whether Business loss can be set off with casual income U/s 71 of Income Tax act 1961?
28 April 2009
Section 71
SET OFF OF LOSS FROM ONE HEAD AGAINST INCOME FROM ANOTHER.
Please clarify Against which income you are setting off.
SET OFF OF LOSS FROM ONE HEAD AGAINST INCOME FROM ANOTHER.
Please clarify Against which income you are setting off.
RAJU CHANDAK
(Expert)
28 April 2009
casual income falls under the head of Income from Other sources and hence u can set off ur business loss with casual income.The only thing u need to remember is that u cannot set off ur business loss with Income from Salary... rest is ok....
taxindiaconnect
(Expert)
01 May 2009
I Agree with Raju.
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