Summary of Rules for set off and carry forward

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....e carried forward Should the business be continued Is it necessary to submit return of loss in time under section 121 1. House Property Loss [ Section 110 ] Income under the head Income from House Property 8 years Not Applicable No 2. Speculation Loss [ Section 113 ] Speculation Profits 4 years Not necessary Yes 3. Non speculation business loss 3.....

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.... maintaining race horses [ Section 115 ] Income from the activity of owning and maintaining race horses 4 years Yes Yes Under Income Tax Act, 1961 [ Upto 31.03.2026 ] S.No Type of loss to be carried forward to next year(s) Profit against which carried forward loss can be set off in next year(s) For how many years loss can be carried forward Should the business be cont....