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of <h1>Income-tax Act Section 74A Updated: Race Horse Losses Can't Offset Other Income; Key Sub-sections Removed.</h1> Section 74A of the Income-tax Act is amended effective April 1, 1987. Sub-sections (1) and (2) are removed. In sub-section (3), the introductory phrase is revised by omitting specific words and altering the text to specify that losses from owning and maintaining race horses cannot be offset against income from other sources in the same assessment year. Additionally, clause (a) is modified to replace certain references, ensuring that the focus remains on income from the activity of owning and maintaining race horses.
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