Clause 61 - Aggregation of income from ordinary sources. - Direct Taxes Code, 2010

Aggregation of income from ordinary sources. 61. (1) The current income from ordinary sources shall be the aggregate of— (a) income under the head ''income from employment''; (b) income under the head ''income from house property''; (c) income under the head ''income from bussiness''; (d) income under the head ''capital gains'', and; (e) income under the head ''income from residuary sources''. (2) The current income from ordinary sources shall be aggregated with the unabsorbed preceding year loss from the ordinary sources, if any; and the net result of the aggregation shall be the gross total income from ordinary sources, for the financial year. (3) The gross total income from ordinary sources, for the financial year, shall be treated as ''nil'' if the net result of the aggregation under sub-section (2) is negative; and the absolute value of the net result shall be the amount of unabsorbed current loss from ordinary sources, for the financial year.