What is the meaning of Set-off?

That which is set off against another thing; an offset.

That which is used to improve the appearance of anything; a decoration; an ornament.

A counterclaim; a cross debt or demand; a distinct claim filed or set up by the defendant against the plaintiff's demand.

The situation where a bank or similar organisation repays itself money owed by an accountholder out of his or her account.

Source: wiktionary.org

See also