Set off of losses in specified business must be against other specified business profits; excess losses carry forward annually. Losses computed in respect of a specified business must be set off only against profits and gains of another specified business; any portion not so set ... Summary
Set off of losses in specified business must be against other specified business profits; excess losses carry forward annually.
Losses computed in respect of a specified business must be set off only against profits and gains of another specified business; any portion not so set off shall be carried forward to the following tax year and set off against profits of specified business then carried on, with any remaining unrelieved loss carried forward similarly to subsequent years.
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