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?
FAQs on Set Off and Carry Forward of Losses
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
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 losses: unabsorbed losses may be carried to subsequent years for adjustment under income-tax carry forward rules. When taxable income of the year of loss is insufficient after intra-head and inter-head set-offs, the unadjusted loss may be carried forward to subsequent assessment years for adjustment under the specific carry-forward provisions of the Income-tax law applicable to different heads of income.
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.
Carry forward of losses: unabsorbed losses may be carried to subsequent years for adjustment under income-tax carry forward rules.
When taxable income of the year of loss is insufficient after intra-head and inter-head set-offs, the unadjusted loss may be carried forward to subsequent assessment years for adjustment under the specific carry-forward provisions of the Income-tax law applicable to different heads of income.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.