Income Tax Bill 2025: Losses Must Be Declared Under Section 263(1) to Qualify for Future Set-Off or Carry-Forward

Clause 121 of the Income Tax Bill, 2025, specifies that any loss not determined through a return filed under section 263(1) cannot be carried forward and set off under sections 111(1), 111(2), 112(1), 113(2), 114(2), or 115(1). This provision mandates that losses must be declared in accordance with the specified section to be eligible for future tax relief through set-off or carry-forward mechanisms.

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