Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

Set off of loss under the same head of income - Section 70

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... head other than 'capital gains' of income shall be set off against the income from any other source under the same head. Exceptions: In the following cases loss from one source cannot be adjusted against income from other source although it falls under the same head: Losses from Speculation Business: Any loss in respect of speculation business cannot carried on by an assess .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t of lottery, etc.: Loss from any lottery, card games etc. is not allowed to be set off at all against any other income, not even against income of another winnings of lotteries, crossword puzzles, card games etc. Bonus stripping : Provisions pertaining to bonus stripping and dividend stripping to be made applicable to both securities and units (To cover bonus stripping in case if securitie .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates