If the income of the year in which loss is incurred falls short, and taxpayer is unable to adjust entire loss, then can the taxpayer carry forward the unadjusted loss for adjustment in next year?

Taxpayers Can Carry Forward Unadjusted Losses to Offset Future Income Under Income-Tax Law Provisions

If a taxpayer cannot fully adjust a loss in the year it is incurred, the unadjusted loss can be carried forward to the next year to offset future income. The Income-tax Law provides specific provisions for carrying forward losses under various income categories. These provisions allow taxpayers to manage their financial obligations by applying losses to subsequent years' income, ensuring that losses are not wasted if they cannot be fully utilized in the year they occur.