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Chapter I - PRELIMINARY (From Clause 1 to Clause 3)

Chapter II - BASIS OF CHARGE (From Clause 4 to Clause 10)

Chapter III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME
Part A - Incomes not to be included in total income

Clause 11Incomes not included in total income.

Part B - Incomes not to be included in total income of political parties and electoral trusts

Clause 12Incomes not included in total income of political parties and electoral trusts.

Chapter IV - COMPUTATION OF TOTAL INCOME
Part A - Heads of income (From Clause 13 to Clause 14)

Part B - Salaries (From Clause 15 to Clause 19)

Part C - Income from house property (From Clause 20 to Clause 25)

Part D - Profits and gains of business or profession (From Clause 26 to Clause 66)

Part E - Capital gains (From Clause 67 to Clause 91)

Part F - Income from other sources (From Clause 92 to Clause 95)

Chapter V - INCOME OF OTHER PERSONS, INCLUDED IN TOTAL INCOME OF ASSESSEE (From Clause 96 to Clause 100)

Chapter VI - AGGREGATION OF INCOME (From Clause 101 to Clause 107)

Chapter VII - SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES (From Clause 108 to Clause 121)

Chapter VIII - DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME
Part A - General

Clause 122Deductions to be made in computing total income.

Part B - Deductions in respect of certain payments (From Clause 123 to Clause 137)

Part C - Deductions in respect of certain incomes. (From Clause 138 to Clause 152)

Part D - Deductions in respect of other incomes

Clause 153Deduction for interest on deposits.

Part E - Other deductions

Clause 154Deduction in case of a person with disability.

Chapter IX - REBATES AND RELIEFS
Part A - Rebates and reliefs (From Clause 155 to Clause 158)

Part B - Double taxation relief (From Clause 159 to Clause 160)

Chapter X - SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX (From Clause 161 to Clause 177)

Chapter XI - GENERAL ANTI-AVOIDANCE RULE (From Clause 178 to Clause 184)

Chapter XII - MODE OF PAYMENT IN CERTAIN CASES, ETC. (From Clause 185 to Clause 189)

Chapter XIII - DETERMINATION OF TAX IN SPECIAL CASES
Part A - Determination of tax in certain special cases (From Clause 190 to Clause 195)

Part B - Special provisions relating to tax on capital gains (From Clause 196 to Clause 198)

Part C - New tax regime (From Clause 199 to Clause 205)

Part D - Special provisions relating to minimum alternate tax and alternate minimum tax

Clause 206Special provision for minimum alternate tax and alternate minimum tax.

Part E - Special provisions relating to non-residents and foreign company (From Clause 207 to Clause 220)

Part F - Special provisions relating to pass-through entities (From Clause 221 to Clause 224)

Part G - Special provisions relating to income of shipping companies (From Clause 225 to Clause 235)

Chapter XIV - TAX ADMINISTRATION
Part A - Authorities, jurisdiction and functions (From Clause 236 to Clause 245)

Part B - Powers (From Clause 246 to Clause 261)

Chapter XV - RETURN OF INCOME
Part A - Allotment of Permanent Account Number

Clause 262Permanent Account Number.

Part B - Filing of return of income and processing (From Clause 263 to Clause 267)

Chapter XVI - PROCEDURE FOR ASSESSMENT
Part A - Procedure for assessment (From Clause 268 to Clause 291)

Part B - Special procedure for assessment of search cases (From Clause 292 to Clause 301)

Chapter XVII - SPECIAL PROVISIONS RELATING TO CERTAIN PERSONS
Part A - Association of persons, firm, Hindu undivided family, etc.
Part 1. - Legal representatives

Clause 302Legal representative.

Part 2. - Representative assesses—General provisions (From Clause 303 to Clause 305)

Part 3. - Representative assesses—Special cases (From Clause 306 to Clause 308)

Part 4. - Association of persons and body of individuals (From Clause 309 to Clause 311)

Part 5. - Executors

Clause 312Executor.

Part 6. - Succession to business or profession (From Clause 313 to Clause 314)

Part 7. - Partition

Clause 315Assessment after partition of Hindu undivided family.

Part 8. - Profits of non-residents from occasional shipping business

Clause 316Shipping business of non-residents.

Part 9. - Persons leaving India

Clause 317Assessment of persons leaving India.

Part 10. - Association of persons or body of individuals or artificial juridical person formed for a particular event or purpose

Clause 318Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose.

Part 11. - Persons trying to alienate their assets

Clause 319Assessment of persons likely to transfer property to avoid tax.

Part 12. - Discontinuance of business, or dissolution (From Clause 320 to Clause 322)

Part 13. - Private companies

Clause 323Liability of directors of private company.

Part 14. - Assessment of firms (From Clause 324 to Clause 326)

Part 15. - Change in constitution, succession and dissolution (From Clause 327 to Clause 330)

Part 16. - Liability of partners of limited liability partnership in liquidation

Clause 331Liability of partners of limited liability partnership in liquidation.

Part B - Special Provisions for Registered non-profit organisation
Part 1. - Registration (From Clause 332 to Clause 333)

Part 2. - Income of registered non-profit organisation (From Clause 334 to Clause 343)

Part 3. - Commercial activities by registered non-profit organisation (From Clause 344 to Clause 346)

Part 4. - Compliances (From Clause 347 to Clause 350)

Part 5. - Violations (From Clause 351 to Clause 353)

Part 6. - Approval for purpose of deduction under section 133(1)(b)(ii)

Clause 354Application for approval for purpose of section 133(1)(b)(ii).

Part 7. - Interpretation

Clause 355Interpretation.

Chapter XVIII - APPEALS, REVISIONS AND ALTERNATE DISPUTE RESOLUTIONS
Part A - Appeals
Part 1. - Appeals to Joint Commissioner (Appeals) and Commissioner (Appeals) (From Clause 356 to Clause 360)

Part 2. - Appeals to Appellate Tribunal (From Clause 361 to Clause 364)

Part 3. - Appeals to High Court. (From Clause 365 to Clause 366)

Part 4. - Appeals to Supreme Court. (From Clause 367 to Clause 368)

Part 5. - General (From Clause 369 to Clause 374)

Part B - Special provisions for avoiding repetitive appeals (From Clause 375 to Clause 376)

Part C - Revision by the Principal Commissioner or Commissioner. (From Clause 377 to Clause 378)

Part D - Alternate dispute resolutions
Part 1. - Dispute Resolution Committee in certain cases

Clause 379Dispute Resolution Committee.

Part 2. - Advance rulings (From Clause 380 to Clause 389)

Chapter XIX - COLLECTION AND RECOVERY OF TAX
Part A - General (From Clause 390 to Clause 391)

Part B - Deduction and collection at source (From Clause 392 to Clause 402)

Part C - Advance payment of tax (From Clause 403 to Clause 410)

Part D - Collection and recovery (From Clause 411 to Clause 422)

Part E - Interest chargeable in certain cases (From Clause 423 to Clause 426)

Part F - Levy of fee in certain cases (From Clause 427 to Clause 430)

Chapter XX - REFUNDS (From Clause 431 to Clause 438)

Chapter XXI - PENALTIES (From Clause 439 to Clause 472)

Chapter XXII - OFFENCES AND PROSECUTION (From Clause 473 to Clause 498)

Chapter XXIII - MISCELLANEOUS (From Clause 499 to Clause 536)

Schedules SCH - SCHEDULES (From SCHEDULE I to SCHEDULE XVI)

STATEMENT

STATEMENTSTATEMENT OF OBJECTS AND REASONS + PRESIDENT’S RECOMMENDATION UNDER ARTICLE 117 OF THE CONSTITUTION OF INDIA

Notes on Clauses

NotesNotes on Clauses

MEMORANDUM (From MEMO to MEMO)

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Clause 114 - Set off and carry forward of losses from specified business.

Income Tax Bill, 2025 - Old Version
Chapter VII
SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES

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Specified business loss set-off limited to profits of other specified businesses; carryforward allowed only against specified business profits. Losses from a specified business may be set off only against profits and gains of other specified businesses in the same tax year; any unabsorbed loss is carried forward and in subsequent years may similarly be set off only against profits and gains of specified businesses. 'Unabsorbed loss from the specified business' means a computed loss from a specified business not wholly set off under the intra-category rule for that tax year.

Notes - Structured mechanism for treatment of losses from specified businesses in Clause 114 of the Income Tax Bill, 2025 Vs. Comparison with Section 73A of the Income-tax Act, 1961

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Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.

Provisions expressly mentioned in the judgment/order text.

Specified business loss set-off limited to profits of other specified businesses; carryforward allowed only against specified business profits.

Losses from a specified business may be set off only against profits and gains of other specified businesses in the same tax year; any unabsorbed loss is carried forward and in subsequent years may similarly be set off only against profits and gains of specified businesses. "Unabsorbed loss from the specified business" means a computed loss from a specified business not wholly set off under the intra-category rule for that tax year.

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Clause 114 - Set off and carry forward of losses from specified business.

Income Tax Bill, 2025 - Old Version
Chapter VII
SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES

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Specified business loss set-off limited to profits of other specified businesses; carryforward allowed only against specified business profits.

Topics

Income Tax Bill, 2025 - Old Version
Chapter VII
SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES