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of <h1>Section 78: Limits on Loss Carry Forward for Partnership Firms and LLPs After Partner Retirement or Death.</h1> Section 78 of the Income Tax Act addresses the carry forward and set-off of losses for partnership firms and LLPs. When a firm undergoes a change in constitution due to a partner's retirement or death, it cannot carry forward losses exceeding the retired or deceased partner's share of profits for the previous year. This rule does not apply to changes from new partner admissions or alterations in profit-sharing ratios. Additionally, unabsorbed depreciation can still be carried forward despite partner changes. The provision applies to losses under any income head, not just business or professional gains.
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