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of <h1>Revised Section 71: Offset Losses Across Income Heads, Excluding Capital Gains; Effective April 1, 1992.</h1> Section 71 of the Income-tax Act has been revised, effective April 1, 1992. The new provision allows taxpayers to set off losses from one income head against income from another, excluding 'Capital gains.' If there is no income under 'Capital gains,' the loss can be offset against other income heads. If there is income under 'Capital gains,' the loss can be offset against any income, including 'Capital gains.' However, losses under 'Capital gains' cannot be set off against income from other heads.
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