Clubbing of Negative Income - Income Tax - Ready Reckoner - Income Tax

Clubbing of Negative Income Under section 64 , the income of specified person is liable to be included in the total income of individual in the circumstances mentioned in the section 60 , section 61 section 64 . For the purposes of including the income of specified persons in the income of the individual the word income will include a LOSS. For clubbing provisions, income includes losses. This means if any one who has loss during the financial year and such loss has comes under the clubbing provision then losses of such type will be added even if it reduces the net tax liability.