Loss form Business

Hi Rajan,
NO u cannot set off loss from business against salary income.

Refer Section 71(2A) which states that "Notwithstanding anything contained in sub-section (1) or sub-section (2), where in respect of any assessment year, the net result of the computation under the head “Profits and gains of business or profession” is a loss and the assessee has income assessable under the head “Salaries”, the assessee shall not be entitled to have such loss set off against such income"