Sec 71 of Income Tax Act - A common man's dilemma

sksen , Last updated: 20 June 2014  
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From Assessment year 2005-06, Sec .71 of the Income-tax Act, 1961 (the Act) lay down that a loss computed under the head Profits and Gains of Business or Profession shall not be allowed to be set off against the income assessable under the head Salaries. Income tax is a tax on Total Income. I

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sksen
(M.Engg, FCMA,LL.B,LLM)
Category Income Tax   Report

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