jaggu
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Hi I am one of the CA student. I want to know about income tax. Can I know, What is the meaning of inter-source adjustment?
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Surbhi
answered
> Meaning of intra-head adjustment
If in any year the taxpayer has incurred loss from any source under a particular head of income, then he is allowed to adjust such loss against income from any other source falling under the same head.
The process of adjustment of loss from a source under a particular head of income against income from other source under the same head of income is called intra-head adjustment,
e.g. Adjustment of loss from business A against profit from business B.
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veeru
answered
Set Off and Carry Forward of Losses
•If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to tax.
E.g., Agricultural income is exempt from tax, hence, if the taxpayer incurs loss from agricultural activity, then such loss cannot be adjusted against any other taxable income.
HIMANSHU
answered
If in any year the taxpayer has incurred loss from any source under a particular head of income, then he is allowed to adjust such loss against income from any other source falling under the same head.
The process of adjustment of loss from a source under a particular head of income against income from other source under the same head of income is called intra-head adjustment, e.g., Adjustment of loss from business A against profit from business B.
Set Off and Carry Forward of Losses
•If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to tax.
E.g., Agricultural income is exempt from tax, hence, if the taxpayer incurs loss from agricultural activity, then such loss cannot be adjusted against any other taxable income.
Anil
answered
If in any year the taxpayer has incurred loss from any source under a particular head of income, then he is allowed to adjust such loss against income from any other source falling under the same head.
The process of adjustment of loss from a source under a particular head of income against income from other source under the same head of income is called intra-head adjustment, e.g., Adjustment of loss from business A against profit from business B.
Set Off and Carry Forward of Losses
•If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to tax.
E.g., Agricultural income is exempt from tax, hence, if the taxpayer incurs loss from agricultural activity, then such loss cannot be adjusted against any other taxable income.
•What is the meaning of inter-source adjustment?
If in any year the taxpayer has incurred loss from any source under a particular head of income, then he is allowed to adjust such loss against income from any other source falling under the same head.
The process of adjustment of loss from a source under a particular head of income against income from other source under the same head of income is called intra-head adjustment, e.g., Adjustment of loss from business A against profit from business B.
