Association of persons or body of individuals or artificial juridical person formed for a particular event or purpose - Income Tax Bill, 2025 - Old Version
Association of persons or body of individuals or artificial juridical person formed for a particular event or purpose - Income Tax Bill, 2025 - Old Version
Set off restrictions on racehorse losses bar use against other income and limit carry forward to activity income. Losses from owning and maintaining race horses cannot be set off against income from other sources; unabsorbed losses may be carried forward and set off ... Summary
Set off restrictions on racehorse losses bar use against other income and limit carry forward to activity income.
Losses from owning and maintaining race horses cannot be set off against income from other sources; unabsorbed losses may be carried forward and set off only against income from that specified activity, only while the activity is continued, and only for up to four succeeding tax years. Defined terms include income by way of stake money, loss incurred in the specified activity (expenditure wholly and exclusively for maintaining race horses excluding capital expenditure), race horse, specified activity, and unabsorbed loss.
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