Kaushal Agrawal
Fast track quick revision of set off and carry forward of losses of Indian Income Tax act 1961. Section 70 to 80 deals with set off and carry forward of losses. As per section 70 losses can be set off within their own head. Section 71 allows losses to be set off with other head with certain exceptions. Section 71B to 74A allows losses to be carried forward if conditions of section 80 is satisfied. We have tried to make the study of set off easy to understand by dividing the losses into 7 categories instead of 5. Please watch this video with this scenario. Your appreciation and criticism are welcome.
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Author Bio
In the intimations received from CPC the adjustment of current year business loss against income form other sources is not allowed and filing rectification is not allowed. The only recourse is appeal; am I correct?