TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Clause 112 limits carryforward of business loss to eight years, prioritizes it over sections 33(11) and 45(7) allowances</h1> Clause 112 confines carry forward of business loss (excluding speculation loss) to set off only against future profits from business or profession, limits carry forward to eight succeeding tax years, and gives that loss priority over carried-forward allowances under sections 33(11) and 45(7). The originally introduced Bill expressly labeled and defined 'unabsorbed business loss' as the portion not set off under inter-head set off rules, whereas the enacted section omits that definitional sub-section but retains substantively identical set-off, priority and temporal rules; differences are drafting and formatting rather than material changes in scope or effect.
TaxTMI 
TaxTMI 