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of <h1>Non-speculation business losses carried forward up to eight years to be set off only against future business profits</h1> If a loss under 'profits and gains of business or profession' (excluding speculation business loss) cannot be fully set off against other heads of income in the same tax year, the unadjusted portion is carried forward to the next tax year to be set off against business or professional profits, and any remaining unadjusted loss is carried forward similarly in subsequent years. Such carryforward is permitted for up to eight consecutive tax years following the year in which the loss arose. Where specified allowances are themselves to be carried forward, this carryforward rule takes precedence.
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