Set Off of Losses

Tax Treatment & Applicability of Audit for Intraday Trading in India

Income Tax - Indians are shedding the traditional misconception that share trading is all about speculation and gambling. Many have now realized that intraday trading is similar to any other profession and should be treated as such.  With the rise in online trading avenues as well as investor awareness, a larger number of people are now channeling th...

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Set-off & carry-forward of losses under Income-Tax Act, 1961

Income Tax - The Income-Tax Act, 1961, allows set-off and carry-forward of the loss incurred by any assessee subject to some restrictions Apart from other information, the new income-tax forms, ITR-1 to ITR-8, notified by the Central government seeks details on set-off of losses. Now almost every assessee has to give this information. Therefore, one h...

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Can loss be carried forward & set-off if ROI filed after due date?

Income Tax - Section 139(3): According to this section if a person has sustained a loss under the head ‘Profit and Gains of Business or profession’ or under the head ‘Capital Gains‘ and claims that such loss should be carried forward under section 72, section 73 or section 73A or section 74 or section 74A, then he may furnis...

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Set off or carry Forward & Set off of Losses (Chapter VI – Section 70-80 of Income Tax Act, 1961)

Income Tax - Introduction: ♦ As per Section 2 of the Income Tax Act, 1961 definition of Income includes losses also. ♦ Losses in the Income Tax Act, 1961 are dealt in accordance with Chapter VI of the Act which consist of Section 70 to Section 80. ♦ Assessee paid tax on Total Income. It might be possible […]...

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Order of setting off of losses & deductions against Business /profession Income

Income Tax - A business in its normal course of business can incur losses on account of various reasons. One of the reason being heavy deductions and exemptions given by the government under the Income Tax Act,1961 in order to encourage the expansion of existing business or set up new business....

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Effectively utilize losses to reduce the tax burden

Income Tax - Income tax is a tax on income earned by a taxpayer in a given year. However, activity of a taxpayer may not always result in income. Certain activities may cause losses too. It would be unfair to tax a person on his income, while ignoring the loss. In recognition of this principle, there are elaborate […]...

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AO to examine section 79 only in year in which  assessee claims set off of losses

Orra Fine Jewellery Pvt. Ltd. Vs DCIT (ITAT Mumbai) - Orra Fine Jewellery Pvt. Ltd. Vs DCIT (ITAT Mumbai) The substantial issue for consideration now before us for the A.Y. 2012-13 is whether the provisions of section 79 of the Act can be invoked and examined in the assessment year in which the assessee claimed for carry forward of losses or in the ass...

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Income Tax cannot be levied on Securities Premium Merely because It Used to Set Off Losses

Hindustan Coca Cola Beverages Private Limited Vs DCIT (ITAT Delhi) - The issue under consideration is whether tax is applicable on securities premium merely because it used to set off losses? AO does not have the jurisdiction to go beyond the net profit shown in the Profit & Loss Account except to the extent provided in the Explanation to section 115J....

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Section 54F exemption allowable before Intra Head Adjustment of Losses

Shri Naresh Jain Vs ACIT (ITAT Jaipur) - whether it is lawful to first compute capital gain after doing intra head adjustments and whether the deductions u/s 54F should be allowed from the net income computed after intra head adjustments?...

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Form 62 filing Not Mandatory to allow carry forward of Losses u/s 72A

PCIT Vs M/s. Lotte India Corporation Ltd (Madras High Court) - whether the non-filing of prescribed Form No.62 for the third Assessment Year is restrict the Assessee to carry forward losses under Section 72A of the Income TaxAct, 1961?...

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STT paid Long Term Capital Loss Can be Set Off against Non-STT paid Long Term Capital Gains

Rare Investments Vs CIT (ITAT Mumbai) - The issue under consideration is whether the long-term capital gain on sale of non-STT paid shares can be set off against long-term capital loss arising from STT paid shares? ...

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Recent Posts in "Set Off of Losses"

Tax Treatment & Applicability of Audit for Intraday Trading in India

Indians are shedding the traditional misconception that share trading is all about speculation and gambling. Many have now realized that intraday trading is similar to any other profession and should be treated as such.  With the rise in online trading avenues as well as investor awareness, a larger number of people are now channeling th...

Read More
Posted Under: Income Tax |

AO to examine section 79 only in year in which  assessee claims set off of losses

Orra Fine Jewellery Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Orra Fine Jewellery Pvt. Ltd. Vs DCIT (ITAT Mumbai) The substantial issue for consideration now before us for the A.Y. 2012-13 is whether the provisions of section 79 of the Act can be invoked and examined in the assessment year in which the assessee claimed for carry forward of losses or in the assessment year […]...

Read More

Income Tax cannot be levied on Securities Premium Merely because It Used to Set Off Losses

Hindustan Coca Cola Beverages Private Limited Vs DCIT (ITAT Delhi)

The issue under consideration is whether tax is applicable on securities premium merely because it used to set off losses? AO does not have the jurisdiction to go beyond the net profit shown in the Profit & Loss Account except to the extent provided in the Explanation to section 115J....

Read More

Set-off & carry-forward of losses under Income-Tax Act, 1961

The Income-Tax Act, 1961, allows set-off and carry-forward of the loss incurred by any assessee subject to some restrictions Apart from other information, the new income-tax forms, ITR-1 to ITR-8, notified by the Central government seeks details on set-off of losses. Now almost every assessee has to give this information. Therefore, one h...

Read More
Posted Under: Income Tax |

Can loss be carried forward & set-off if ROI filed after due date?

Section 139(3): According to this section if a person has sustained a loss under the head ‘Profit and Gains of Business or profession’ or under the head ‘Capital Gains‘ and claims that such loss should be carried forward under section 72, section 73 or section 73A or section 74 or section 74A, then he may furnis...

Read More
Posted Under: Income Tax |

Set off or carry Forward & Set off of Losses (Chapter VI – Section 70-80 of Income Tax Act, 1961)

Introduction: ♦ As per Section 2 of the Income Tax Act, 1961 definition of Income includes losses also. ♦ Losses in the Income Tax Act, 1961 are dealt in accordance with Chapter VI of the Act which consist of Section 70 to Section 80. ♦ Assessee paid tax on Total Income. It might be possible […]...

Read More
Posted Under: Income Tax |

Section 54F exemption allowable before Intra Head Adjustment of Losses

Shri Naresh Jain Vs ACIT (ITAT Jaipur)

whether it is lawful to first compute capital gain after doing intra head adjustments and whether the deductions u/s 54F should be allowed from the net income computed after intra head adjustments?...

Read More

Form 62 filing Not Mandatory to allow carry forward of Losses u/s 72A

PCIT Vs M/s. Lotte India Corporation Ltd (Madras High Court)

whether the non-filing of prescribed Form No.62 for the third Assessment Year is restrict the Assessee to carry forward losses under Section 72A of the Income TaxAct, 1961?...

Read More

Order of setting off of losses & deductions against Business /profession Income

A business in its normal course of business can incur losses on account of various reasons. One of the reason being heavy deductions and exemptions given by the government under the Income Tax Act,1961 in order to encourage the expansion of existing business or set up new business....

Read More
Posted Under: Income Tax |

Set off of long term capital loss against STCG on depreciable assets sale

The long term capital loss (LTCL) can be set off against the short term capital gain (STCG) arise on depreciable assets u/s 50 of income tax act, 1961 As per provisions of section 74(1)(b) loss related to a long term capital gain can be set off against the long term capital gain. Long Term Capital […]...

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Posted Under: Income Tax |

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