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of <h1>Income Tax Act Sections 70 & 71 Revised: New Rules for Offsetting Losses and Capital Gains Explained.</h1> Sections 70 and 71 of the Income Tax Act are replaced to address the set-off of losses. Section 70 allows an assessee to offset losses from one source against income from another source under the same income head, excluding capital gains. It specifies conditions for short-term and other capital assets. Section 71 permits setting off losses from one income head against income from another, excluding capital gains, unless the assessee has capital gains income. In such cases, losses may be offset against income from any head, including capital gains, or solely against non-capital gains income, based on the assessee's preference.
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