TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Income-Tax Act Section 74A Amended: Losses Offset Revised, New Rules for Race Horse Losses Carry Forward.</h1> The amendment to Section 74A of the Income-tax Act, effective April 1, 1975, revises the offsetting of losses. Sub-section (1) is modified to allow losses to be set off against income from any source under the same head or any other head. A new sub-section (3) is introduced, permitting losses from owning and maintaining race horses to be carried forward, subject to conditions, for up to four assessment years. The provision defines key terms such as 'amount of loss,' 'horse race,' and 'income by way of stake money,' detailing the treatment of expenses and income related to race horses.
TaxTMI 
TaxTMI 
