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of <h1>Income of Specified Persons, Including Losses, Must Be Included in Individual's Total Income Under Section 64</h1> Under section 64 of the Income Tax Act, the income of a specified person, including losses, must be included in an individual's total income as per sections 60, 61, and 64. This means that losses incurred by another person, which fall under the clubbing provisions, are also included in the individual's income, potentially reducing their net tax liability. The inclusion of losses is significant as it affects the overall tax computation by considering negative income in the clubbing process.
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