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of <h1>Businesses Can Carry Forward Unabsorbed Losses for Up to 8 Years Under Income Tax Act Provisions</h1> The statutory provision addresses the carry forward and set off of business losses under the Income Tax Act. It allows taxpayers to carry forward business losses that cannot be fully set off against income in the current year. Losses can be carried forward for up to eight assessment years, with specific provisions for setting off against future business profits. Special rules apply for discontinued and re-established businesses, providing flexibility in loss adjustment across multiple tax years.
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