Aggregation of loss rule: late return filing treats specified unabsorbed current losses as nil, preventing carry forward or set off. If a taxpayer fails to furnish the return of income by the due date, the amounts of 'unabsorbed current capital loss', 'unabsorbed current loss from ... Summary
Aggregation of loss rule: late return filing treats specified unabsorbed current losses as nil, preventing carry forward or set off.
If a taxpayer fails to furnish the return of income by the due date, the amounts of 'unabsorbed current capital loss', 'unabsorbed current loss from ordinary sources' and 'unabsorbed current loss from the special source' for that financial year are deemed to be nil, thereby preventing aggregation, carry forward, or set off of those specified current losses regardless of any other provisions of the Code.
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