Set off of loss

Dear Sai if your business loss is NOT from speculative business then you can set off the loss with any other income except income from salary. Regards

But income from quiz competition is an income covered u/s 115BB so we cant s/o any loss from it and any loss u/s 115BB cant be s/o with any other income also

Agree with expert, this income is taxable at the flat rate and not available for s/o, you have to consider this under i/o/s.

Hope this answer your question.

Originally posted by : Sai kumar
	Income form Quiz competition is it an Casual Income covered u/s 115BB  this section income cannt be set off any other head income and also same  same head (other causual loss)

 

I read it in v.g sir book " losses can be set-off against the incomes refferred to in section 115BB. Chapter VI which deals with setoff, carry forward and setoff of losses does not prohibit the set off of losses against the lottery income and the incomes referred to section 115BB.". So all please do check it and confirm. Regards

Yes it is casual income..no it cnt b setoff..

Lossess from Crossword Puzzles, Card Games, Gambling, Quiz Or any games of like Kind ' Cannot be Set-off against Any Head of Income (Both Same Head & Other Head) in the current year and Not even can be Carried forwarded to Future Years

https://www.exploreincometax.com/Income-tax-Ready-Reckoners/carry-forward-and-set-off-of-losses-in-the-current-year-and-in-subsequent-years