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of <h1>Clause 65 Direct Taxes Code: Handling Losses When Unincorporated Body's Constitution Changes Due to Retirement or Death</h1> Clause 65 of the Direct Taxes Code, 2010, addresses the aggregation of losses in an unincorporated body when a change in its constitution occurs due to the retirement or death of a participant. It mandates that the unabsorbed current loss from ordinary and special sources, calculated for the financial year ending on such an event, be reduced proportionally to the share of the retiring or deceased participant. The reduced amount becomes the unabsorbed preceding year loss for the subsequent financial year. These provisions apply regardless of other Code provisions, ensuring consistent treatment of such losses.
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