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.
Here's how California state taxes will affect you if youâre buying a home, making money, or even just shopping in the Golden State. California Sales Tax The state-level sales tax rate is the highest in the nation at 7.25 percent as of 2017. This is actually a decrease from what it once wasâ7.5 percent until Proposition 30 expired. Combined with local sales taxes, the rate can reach as high as 10 percent in some California cities. Other California State Excise Taxes Like most states, California also taxes cigarettes and gasoline.