credits  Unrecordedinvestments  Unrecorded and unexplained money, gold etc.  Unexplained expenditure  Amount borrowed or repaid on hundi Set off losses Set off of losses refers adjusting of losses against income of the same year. Provisions

INCOME TAX AND GST Sometimes the income of other person shall be included in the total income of the assessee. Such practices included the income of the other person to the income of the assessee is called clubbing of incomes. Following income are to be clubbed  Transfer of income without transfer of assets.  Revocable transfer of assets  Income of spouse  Income of daughter in law  Income from business  Income from minor child  Income from assets transferred to a person for the benefits of his sons wife  Cross transfers  Income from converted property  Benami transactions Aggregation of incomes In computing total income of an assessee, the following incomes shall be included  Share of member from an AOP or BOI  Cash credits  Unrecorded and unexplained investments  Unrecorded and unexplained money, gold etc.  Unexplained expenditure  Amount borrowed or repaid on hundi Set off losses Set off of losses refers adjusting of losses against income of the same year. Provisions for set off losses  Intra head set off It means set off losses against incomes from any sources under the same head. Exception to intra head set off 1) Loss from speculative business Losses incurred on account of speculation can be set off against speculation income. It cannot be set off against income from other business. 2) Loss of specified business Loss incurred on account of specified business u/s 35 AD can be set off against specified business income. It cannot be set off against income from any other business. 3) Long term capital loss It can be set off against long term capital gain only. It cannot be set off against short term capital gain. 4) Loss in business of owing and maintaining race horse It can be set off against profits in business of owning and maintaining race horse. It cannot be set off against any other income. 5) Loss from an exempted income It cannot be set off against any other taxable income in the same head.  Inter head set off It means set off losses against income under other heads. Exception to inter head set off 1) Loss from speculation business It cannot be set off against any other heads of income. It can be se