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.
About the California Sales Tax. California Sales Tax Note: As several readers have noted, the true statewide tax rate in California is 7.5%. This includes the 6.5% state sales tax, plus a 1% uniform local sales tax, also collected by the BOE. We break sales taxes down in our database by attribution, which is why the CA state tax is displayed here as 6.5%. California's 7.5% statewide base sales tax is the highest minimum sales tax rate in the United States. The 1% uniform local sales tax is collected by the Board of Equalization, with 0.75% distributed to cities and counties and the remaining 0.25% going to county transportation funds.