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Set off of loss

Sai Ganesh (Article Assisstant ) (254 Points)

26 March 2014

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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7 Replies

Manoj Mehta (Head Of Department (Accounts & Finance)) (1479 Points)
Replied 26 March 2014

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

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Yash Nakipuria (Student CA ) (39 Points)
Replied 26 March 2014

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

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Nazir (Job) (578 Points)
Replied 26 March 2014

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.

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vijay singh (CA FINAL STUDENT) (53 Points)
Replied 26 March 2014

Originally posted by : Sai kumar

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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Manoj Mehta (Head Of Department (Accounts & Finance)) (1479 Points)
Replied 26 March 2014

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

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Ankit Dadhich (student) (27 Points)
Replied 26 March 2014

Yes it is casual income..no it cnt b setoff..

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sreekanth.ca (CA Job) (39 Points)
Replied 27 March 2014

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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