Question

Loss on speculation business shall be allowed to set off only

A. O a) House Property Income
B. Ob) Salary Income
Cocother speculation Income
​

Answer 1

Answer:

Profit and losses are two sides of a coin. Losses, of course, are hard to digest. However, the Income-tax law in India does provide taxpayers some benefits of incurring losses too. The law contains provisions for set-off and carry forward of losses which are discussed in detail in this article.

1. Set off of losses

2. Carry forward of losses

Set off of losses

Set off of losses means adjusting the losses against the profit or income of that particular year. Losses that are not set off against income in the same year can be carried forward to the subsequent years for set off against income of those years. A set-off could be an intra-head set-off or an inter-head set-off.

a. An intra-head set-off

b. An inter-head set-off

a. Intra-head Set Off

The losses from one source of income can be set off against income from another source under the same head of income.

For eg: Loss from Business A can be set off against profit from Business B, where Business A is one source and Business B is another source and the common head of income is “Business”.

Exceptions to an intra-head set off:

1

Answer 2

Answer:

Hope it helps u

Explanation:

Plz mark me as brainlist or thank my answer if it is helpful to u!! plz plz✌️✌️☺️☺️