is Income form Quiz competition is it an Casual Income ?
Is this income can set off against Income from Business or Proffession?
Please clarify me in this regard.....
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Set off of loss
Replies (7)
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 | ||
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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)
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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
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