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of <h1>Taxpayers Can Offset Losses Across Income Categories in Same Year Under New Section 71 of Income-tax Act.</h1> Section 71 of the Income-tax Act is replaced effective April 1, 1988, by a provision allowing taxpayers to offset losses from one category of income against income from another category within the same assessment year. This substitution permits the assessee to balance the net loss from one income head against any assessable income from a different head, subject to the conditions outlined in the relevant chapter of the Act.
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