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of <h1>Racehorse-related losses can offset income and be carried forward under Section 74A if filed by Section 139(1) deadline.</h1> Losses incurred from owning and maintaining racehorses can be set off against income from the same activity under Section 74A of the Income Tax Act. Any unutilized loss can be carried forward for up to four assessment years, provided that the tax return is filed by the due date under Section 139(1). The loss is calculated based on revenue expenditure minus any stake income earned. This section specifically addresses racehorse-related activities, while losses from other animals fall under Section 72.
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