Whether, where in respect of an assessment year, there is income under a head, the loss, if any, under any other head for that assessment year should first be set-off against it before the carried forward losses under the former head can be set-off against such income

Whether, where in respect of an assessment year, there is income under a head, the loss, if any, under any other head for that assessment year should first be set-off against it before the carried forward losses under the former head can be set-off against such income https://www.taxtmi.com/circulars?id=5004 Inter-head set-off under section 71 takes priority: where an assessment year shows income under one head and a loss under another, the contemporaneous loss must be set off against that income before carried forward losses under the income-bearing head are applied. This sequence is subject to Chapter VI exceptions that prohibit inter-head adjustments for certain losses, and departmental return formats have been aligned to reflect this method of computation. en-us Tue, 11 Dec 1990 00:00:00 +0530 Fri, 08 Aug 2008 14:26:00 +0530 TaxTMI RSS Generator Whether, where in respect of an assessment year, there is income under a head, the loss, if any, under any other head for that assessment year should first be set-off against it before the carried forward losses under the former head can be set-off against such income https://www.taxtmi.com/circulars?id=5004 Inter-head set-off under section 71 takes priority: where an assessment year shows income under one head and a loss under another, the contemporaneous loss must be set off against that income before carried forward losses under the income-bearing head are applied. This sequence is subject to Chapter VI exceptions that prohibit inter-head adjustments for certain losses, and departmental return formats have been aligned to reflect this method of computation. Circulars Income Tax Tue, 11 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/circulars?id=5004