# The Finance Act, 2004, Section 14: Amendment of section 71

- Act: The Finance Act, 2004
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2004/section/14/

## Text

Amendment of section 71. 14. In section 71 of the Income-tax Act, after sub-section (2), the following sub-section shall be inserted with effect from the 1st day of April, 2005, namely:— ‘(2A) Notwithstanding anything contained in sub-section (1) or sub-section (2), where in respect of any assessment year, the net result of the computation under the head "Profits and gains of business or profession" is a loss and the assessee has income assessable under the head "Salaries", the assessee shall not be entitled to have such loss set off against such income.’. © Copyright. Taxmann Publications Pvt. Ltd.

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