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of <h1>Adjustment of Losses for Ceased Businesses Under Section 41(5) of Income Tax Act: Key Provisions Explained</h1> Section 41(5) of the Income Tax Act addresses the adjustment of losses for businesses or professions that have ceased to exist. If such a business incurs a loss in the year it discontinues, and the loss cannot be offset against any other income for that year, it can be set off against income deemed as business income under specific subsections, even beyond the standard 8-year carry-forward limit. This provision applies only if the business is not speculative and if there is a subsequent receipt regarded as business income under sections 41(1), (3), (4), or (4A).
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