Income Tax - Set off of loss in search cases – Amendment in the provisions of section 79A of the Income Tax Act, 1961 Chapter VI of the Act deals with aggregation of income and set off or carry forward of loss. In Sections 70-80 of the Act there are specific provisions relating to set off or carry […]...
Read MoreIncome Tax - SET OFF AND CARRY FORWARD OF LOSS The adjustment of losses against profit in a particular year is called SET OFF. Losses which are not set off against profit of a year can be carried forward to next year and set off against profit of such year and it is called carry forward of loss. […]...
Read MoreIncome Tax - Meaning of set off of Losses under Income Tax Act, 1961: Set off means setting of losses against profits of same head of income or may be different during the year. Meaning of carry forward of losses under Income Tax Act, 1961: Carry forward of losses means carrying the losses amount to be be set […]...
Read MoreIncome Tax - There can be profit and also losses in every type of business, where losses are difficult to digest. Though Income Tax Act in India provides for the benefits of losses too. The law contains the provisions for set off and carry forward of losses. SET OFF OF LOSSES: Set off of losses means making adjust […]...
Read MoreIncome Tax - Article covers Income Tax Act provisions related to Carry Forward and Set Off of Losses with Frequently asked Question and Answers.Loss from exempted source of income cannot be adjusted against taxable income...
Read MoreIncome 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 […]...
Read MoreDCIT Vs Brahmos Aerospace (Thiruvananthapuram) Ltd. (ITAT Cochin) - Held that the carry forward of business loss cannot be denied to the assessee merely on the ground that the statutory audit/tax audit was not completed within the prescribed period....
Read MoreHussain Mohideen Ibrahim Sha Vs ACIT (ITAT Chennai) - Income declared in survey is to be taxed and it has to fall under one of the heads of income, i.e., business income and, therefore, is available for set-off against the business loss....
Read MoreHindustan 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 MoreOrra 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...
Read MorePCIT 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 MoreDCIT Vs Brahmos Aerospace (Thiruvananthapuram) Ltd. (ITAT Cochin) -
Hussain Mohideen Ibrahim Sha Vs ACIT (ITAT Chennai) -
Hindustan Coca Cola Beverages Private Limited Vs DCIT (ITAT Delhi) -