What are the provisions framed under the Income-tax law in relation to carry forward and set off of business loss other than loss from speculative business?
FAQs on Set Off and Carry Forward of Losses
Contents
Acts
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Carry forward of business losses requires timely filing and permits adjustment only against business income under the tax code. Carry forward of business losses (other than speculative business) is permitted only if the return for the year of loss is filed on or before the due ... Summary
Carry forward of business losses requires timely filing and permits adjustment only against business income under the tax code.
Carry forward of business losses (other than speculative business) is permitted only if the return for the year of loss is filed on or before the due date; such losses may be adjusted only against income under the head "Profits and gains of business or profession" and can be carried forward for eight immediately succeeding years. Special rules restrict set off and carry forward of losses from specified incentivised businesses to income from those businesses (with unlimited carry forward subject to return filing requirements) and confine racehorse business losses to set off only against racehorse income with a shorter carry forward period.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
