Very Short Questions and Answers 1. Briefly mention the provision for deduction of retirement contribution to the approved fund by an individual. A resident individual may claim a deduction for retirement contributions made to an approved fund in an income year not exceeding Rs. 3,00,000 or one-third of the assessable income. 2. How is retirement […]
Chapter 14: Set-off And Carry Forward Of Losses
Very Short Questions and Answers 1. What is set off a loss? Mention the methods of setting off losses? An adjustment of losses subject to the certain rules against incomes is known as set off of losses. The three methods are: Carry forward Carry backward A combination of a method 2. Briefly state the provision […]