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of <h1>Income Tax Act Update: Section 70 Now Allows Intra-Head Offsetting of Losses, Excluding Capital Gains.</h1> Section 70 of the Income-tax Act has been replaced, effective April 1, 2003, to allow taxpayers to offset losses from one source against income from another source within the same head of income, excluding capital gains. Specifically, losses from short-term capital assets can be offset against income from other short-term capital assets. Similarly, losses from other capital assets can be offset against income from other non-short-term capital assets. This provision aims to provide taxpayers with flexibility in managing their taxable income by allowing intra-head loss adjustments.
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