Loss Set-Off

Tax Glossary Definition

Loss Set-Off

Refers to the process of offsetting losses from one income source with gains or earnings from another, either within the same income head or across different heads, as allowed under the Income Tax Act. This mechanism helps minimize the total taxable income for the financial year.

Example: For instance, a loss incurred in business may be used to offset capital gains or other eligible income during the same year, following the applicable set-off provisions.

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