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of <h1>Taxpayers Must Follow Strict Procedural Rules for Loss Returns and Carry-Forward Claims Under Clause 121 and Section 80</h1> Legal provisions in the Income Tax Bill, 2025 and Income Tax Act, 1961 establish conditions for submitting loss returns and carrying forward losses. Both Clause 121 and Section 80 mandate specific procedural requirements for taxpayers to file returns and claim loss set-offs against future income. The provisions aim to ensure transparency, prevent fraudulent claims, and maintain the integrity of the tax system by requiring formal declaration and assessment of losses through prescribed filing mechanisms.
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