Treatment of losses incurred in the activity of owning and maintaining race horses : Clause 115 of Income Tax Bill, 2025 Vs. Section 74A of Income-tax Act, 1961
12 April, 2025
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Ring fenced treatment of racehorse losses restricts cross setoff and permits carry forward only within the same activity. Clause 115 creates a ring fenced regime: losses from the specified activity of owning and maintaining race horses cannot be set off against other income; ... Summary
Ring fenced treatment of racehorse losses restricts cross setoff and permits carry forward only within the same activity.
Clause 115 creates a ring fenced regime: losses from the specified activity of owning and maintaining race horses cannot be set off against other income; unabsorbed losses may be carried forward and set off only against income from the same activity, subject to continuation of the activity and defined temporal limits and eligibility definitions.
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