Under the Income Tax Act, if a taxpayer has a business profit of ₹3,00,000 and a brought forward business loss of ₹2,00,000, what is the total income after set-off?
A. ₹3,00,000
B. ₹2,00,000
C. ₹5,00,000
D. ₹1,00,000
Answer: Option D
Solution (By JKSSB Mock Tests)
Brought forward business loss can be set off against current year business profit. Total income = ₹3,00,000 (Profit) - ₹2,00,000 (B/F Loss) = ₹1,00,000.
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