Transcription of Inter-source and Inter-head Set-off [Sections 70 & 71 ...
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6 Set Off and Carry Forward of Losses Key Points Inter-source and Inter-head Set-off [Sections 70 & 71] Section Provision Exceptions 70 Inter-source Set-off under the same head of income Any loss in respect of one source shall be Set-off against income from any other source under the same head of income. (i) Loss from speculative business (ii) Loss from specified business under section 35AD (iii) Long term capital loss and (iv) Loss from the activity of owning and maintaining race horses 71 Inter head adjustment Loss under one head of income can be Set-off against income assessable under any other head of income. (i) Loss under the head Profits and gains of business or profession cannot be set off against income under the head Salaries (ii) Loss under the head Capital gains cannot be Set-off against income under any other head.
6 Set Off and Carry Forward of Losses Key Points Inter-source and Inter-head Set-off [Sections 70 & 71] Section Provision Exceptions 70 Inter-source set-off under the same head of income
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