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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Act Section 74 Amended: Changes to Loss Set-Off Rules Impacting Income Calculation from April 1, 1992.</h1> Section 74 of the Income-tax Act is amended by removing specific wording in sub-section (1). The omitted text pertains to the inability to wholly set off a loss against income from other heads as per section 71. This amendment takes effect on April 1, 1992, and impacts how losses are accounted for when they cannot be offset against other income categories.
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