Clause 59 - Aggregation of income under the class 'Income from Special Sources' - Direct Taxes Code Bill, 2009

Aggregation of income under the class 'Income from Special Sources' 59. (1) The income from any special source referred to in Rule 3 of the First Schedule shall be the 'current income from the special source', for the financial year. (2) The 'current income from the special source' referred to in sub-section (1) shall be aggregated with the 'unabsorbed preceeding year loss from the special source', if any; and the net result of the aggregation shall be the 'gross total income from the special source', for the financial year. (3) The 'gross total income from the special source' referred to in sub-section (2) shall be treated as 'nil', if the net result of the aggregation under sub-section (3) is negative; and the absolute value of the net result shall be the amount of 'unabsorbed current loss from the special source', for the financial year. (4) The 'gross total income from any special source' computed under the foregoing provisions shall be aggregated with the 'gross total income from any other special source', computed under the foregoing provisions, for the financial year; and the net result of the aggregation shall be the 'total income from special sources', for the financial year.