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    Can a loss from an exempt source be offset by any other taxable income if the source's revenue is exempt?

    Answered 25-Nov-2022

    If a source code's income is tax-exempt, losses from that source can't be offset against any other income that is subject to taxation.

    For eg .If a taxpayer experiences a loss from agricultural activity, for instance, that loss cannot be offset by any other taxable income because agricultural revenue is tax-exempt.

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