medium10 pts · first answer countsincome-taxset-off

Setting off a business loss

An individual has salary income and a loss from a side business in the same year. Can the business loss be set off against the salary income?

A.No; a business loss cannot be set off against salary income, though it can be set off against other heads and carried forward if conditions are metB.Yes, fully, in the same yearC.Yes, but only half of the lossD.Only if the employer agrees

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Setting off a business loss

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