Income from two different sources

Hello,

I am a salaried employee and as per the norm, my employer deducts the income tax by TDS. I also have a private consulting firm in another domain and have a proprietership firm registered in my name.

For the previous financial year, my expenses for this firm surpassed my income from consulting & therefore, there is a net loss.

My query is whether I can claim this loss when I file my ITR-2 and deduct this amount from the net taxable income when computing the income tax ?

Eg:

Net taxable income (From Salary) - A

Income Tax for Salary - B

Income from consulting - X

Expenses from consulting - Y

Loss = Y - X

Can the net taxable income be offset to A - (Y - X) ?

Thanks in advance for the help !