1. Set off capital losses
Income Tax does not allow for losses below the maximum revenue to be deducted from any income from other heads - this can only be done within the heading ‘Income Profit’. Long-term Money Loss can only be made compared to Long-Term Money Benefits. Short-term Financial Losses are allowed to be implemented on both the Long-Term Benefits and the Short-term Benefits.
Frequently Asked Questions
Compulsory Completion Compensation
To keep track of your losses, the Revenue Department stipulates that annual losses will not be processed unless the refund for that year is lodged before the due date. Even if it is a loss refund, you have no income to show - file your refund before the due date.
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