Carryforward of loss requires filing an income tax return before the due date to claim the loss for future adjustment. Where a taxpayer sustains a loss and intends to carry it forward to adjust against subsequent years' positive income, the taxpayer must claim that loss by ... Summary
Carryforward of loss requires filing an income tax return before the due date to claim the loss for future adjustment.
Where a taxpayer sustains a loss and intends to carry it forward to adjust against subsequent years' positive income, the taxpayer must claim that loss by filing the return of income before the due date; failure to file timely will preclude carrying forward the loss for set off in later years.
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