Set off and carry forward of Losses – Certain Issues

Income Tax is leviable on income and income would obviously mean net income or real income. Total income as defined u/s. 5 of the Act implies aggregation of income from one or more sources after deducting therefrom looses from one or morc sources, subjcct of course to the specific provisions of law.Income Tax is leviable on income and income would obviously mean net income or real income. Total income as defined u/s. 5 of the Act implies aggregation of income from one or more sources after deducting therefrom looses from one or morc sources, subjcct of course to the specific provisions of law.taxmann.com Latest ArticlesRead More

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