I am a part time employee and am also running a business. I suffered loss in business can I adjust the business loss against my salary income?

As per section 71(2A) of Income Tax Act where in respect of any assessment year, the net result of the computation under the head “Profits and Gains Of Business or Profession” is a loss and the assesse has income chargeable under the head “Salaries”, the assesse shall not be entitled to have such loss set off against such income.

So in this case the assesse is not entitled to set off of business loss against his salary income.

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