You may set off business loss against house property income or income from other sources, if any. If set-off is not possible, then such loss can be carried forward to be set off in the subsequent year. Brought-forward business loss can only be set off against business income.ny loss from such transactions is not be eligible for set-off or carry-forward. Hence, if your loss in the stock market is considered as business loss, then it is covered by loss and profit or gain in business against salary income.
California Tax Rates. The California sales tax rate is currently 6.0%. However, California adds a mandatory local rate of 1.25% that increases the total state sales and use tax base to 7.25%. Depending on local municipalities, the total tax rate can be as high at 9.75%. Food and prescription drugs are exempt from sales tax.
California has had a sales tax for eight decades, but the tax we have today is dramatically different from the initial one. 1  When California created its sales tax in 1933 and its use tax in 1935, the rate was 2.5 percent and all revenue went to the stateâs General Fund. Since then, the overall tax rate has more than tripled, the use of sales tax revenue has become more local and more restricted, and many types of tangible goods have become exempt from the tax.