Mark to market loss computed in accordance with income computation and disclosure standards (ICDS) shall be allowed as deduction from the Income under __________.

CS Executive · Tax Laws and Practice · PYQS · June 2021
Mark to market loss computed in accordance with income computation and disclosure standards (ICDS) shall be allowed as deduction from the Income under __________.
(A) Salaries
(B) Income from house property
(C) Profits and gains of business or profession
(D) Capital gains

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax Act, 1961

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