Set off & carry Forward of Losses

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Nidhi Banwari

Nidhi Banwari (Querist)
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28 April 2009 Whether Business loss can be set off with casual income U/s 71 of Income Tax act 1961?

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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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.

RAJU CHANDAK

RAJU CHANDAK (Expert)
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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....

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