Set-off and carry-forward of losses determine permissible heads for adjustment, retention periods, and continuity requirements. Set-off and carry-forward rules specify which income heads each loss type may be adjusted against, the permissible carry-forward duration, and whether business continuity and timely filing are required; house property losses are limited to house property income with an eight-year carry-forward and no continuity or timely filing requirement, speculation losses only offset speculation profits with carry-forward subject to activity continuity, unabsorbed depreciation and certain specified business losses have no time limit but may impose continuity conditions, and other business and capital losses are carry-forwardable for statutory periods against business profits or capital gains respectively.
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.
Set-off and carry-forward of losses determine permissible heads for adjustment, retention periods, and continuity requirements.
Set-off and carry-forward rules specify which income heads each loss type may be adjusted against, the permissible carry-forward duration, and whether business continuity and timely filing are required; house property losses are limited to house property income with an eight-year carry-forward and no continuity or timely filing requirement, speculation losses only offset speculation profits with carry-forward subject to activity continuity, unabsorbed depreciation and certain specified business losses have no time limit but may impose continuity conditions, and other business and capital losses are carry-forwardable for statutory periods against business profits or capital gains respectively.
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