Set Off, Carry Forward & Chapter VI-A Deductions – Quiz

Gross Total Income (GTI) means

• Total income after deductions under Chapter VI-A

• Aggregate income under all five heads before Chapter VI-A deductions

• Net taxable income

• Agricultural income

Total Income is

• GTI + deductions

• GTI – deductions under Chapter VI-A

• Salary income only

• Business income only

Intra-head adjustment means

• Set off between different heads

• Set off within the same head of income

• Carry forward of loss

• Deduction under Section 80C

Inter-head adjustment means

• Set off within same source

• Set off between different heads of income

• Deduction under Section 80D

• Rebate under Section 87A

Loss from House Property can be set off against other heads up to

• ₹50,000

• ₹1,00,000

• ₹2,00,000

• No limit

Unabsorbed business loss can be carried forward for

• 4 years

• 6 years

• 8 years

• Indefinitely

Speculation business loss can be set off against

• Any business income

• Salary income

• Speculation business income only

• Capital gains

Long-term capital loss can be set off against

Loss under the head “Other Sources” can be set off against

• Salary income

• Business income

• Any head except salary

• Capital gains only

For carrying forward business loss, return must be filed

• Anytime

• Before assessment

• Within due date under Section 139(1)

• After notice