Set off & carry Forward of Losses

This query is : Resolved 

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.

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....


01 May 2009 I Agree with Raju.



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