Set Off of Losses

Pre Budget Recommendations of Income Tax for Union Budget, 2020

Income Tax - As we all are aware that The Union Budget for 2020-21 will be presented in the Lok Sabha on 1st February, 2020) at 11.00 am by our Finance Minister Nirmala Sitharman. As per every year, this year also Institute of Chartered Accountants of India has submitted its Pre Budget Memorandum to the government. Today we […]...

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Carry Forward and Set off of Losses in tabular form with FAQs

Income Tax - Set off of loss from one source against income from another source under the same head of income/inter- source set-off under the same head of income Any loss in respect of one source shall be set-off against income from other source under the same head of income. But, there are some exception to this....

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Carry Forward and Set Off of Losses with FAQs

Income 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...

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Analysis of Section 79-Carry forward & set off of losses in companies

Income Tax - Analysis of Section 79 of Companies Act, 1961 -Carry forward and set off of losses in companies Section 79 of the Income Tax Act, 1961 deals with the carry forward of losses for certain class of companies which satisfy the conditions specified in Sec.79 Below is the analysis on carry forward of losses in case […]...

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Income Tax on F&O Trading

Income Tax - Future and Options (F&O) Trading is a popular activity amongst taxpayers due to availability of  multiple online trading platforms. The Income Tax provisions on F&O trading need to be analysed carefully. Meaning of F&O Trading F&O Trading comprises of trading in futures and options. They are classified under Derivatives. ...

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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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Set off of business losses against capital gains is not mandatory

Sh. Ajay Kumar Singhania Vs DCIT (ITAT Chandigarh) - Sh. Ajay Kumar Singhania Vs DCIT (ITAT Chandigarh) The sole issue involved in this appeal is as to whether under the provisions of section 71 of the Income-tax Act, 1961 (in short ‘the Act’) there is an option to the assessee to set off the business losses against the capital gains or i...

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Speculation Profit can be set off against carried forward speculation losses first

Commissioner of Income-tax, Delhi-VIII Vs Ashok Mittal (Delhi High Court) - First to setting-off the carry forward speculative losses against the speculative profit and then set-off the business losses to the extent of the balance speculation profit and other income. ...

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Deduction U/s. 10A of the Income Tax Act is allowable without set off of losses of non-eligible units

Scientific Atlanta Vs. ACIT (ITAT Chennai) - In respect of AY 2003-04, the assessee had an unit in Chennai which was engaged in software development and whose profits were eligible for deduction u/s 10A. The assessee had another unit in Delhi which was engaged in trading and had suffered a loss. The assessee claimed that it was eligible for a ...

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Income under each head has to be computed only after considering the income from various sources under the same head

Aayojan Investments Pvt. Ltd. Vs ACIT (ITAT Ahmedabad) - 11 If we go to the facts of the case the business loss returned by the assessee to the extent it could not be set off was in fact carried forward and while computing the gross total income the income under the head business was nil but in fact the assessee has incurred the net business loss aggregat...

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Recent Posts in "Set Off of Losses"

Pre Budget Recommendations of Income Tax for Union Budget, 2020

As we all are aware that The Union Budget for 2020-21 will be presented in the Lok Sabha on 1st February, 2020) at 11.00 am by our Finance Minister Nirmala Sitharman. As per every year, this year also Institute of Chartered Accountants of India has submitted its Pre Budget Memorandum to the government. Today we […]...

Read More
Posted Under: Income Tax | ,

Carry Forward and Set off of Losses in tabular form with FAQs

Set off of loss from one source against income from another source under the same head of income/inter- source set-off under the same head of income Any loss in respect of one source shall be set-off against income from other source under the same head of income. But, there are some exception to this....

Read More

Carry Forward and Set Off of Losses with FAQs

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 More
Posted Under: Income Tax |

Analysis of Section 79-Carry forward & set off of losses in companies

Analysis of Section 79 of Companies Act, 1961 -Carry forward and set off of losses in companies Section 79 of the Income Tax Act, 1961 deals with the carry forward of losses for certain class of companies which satisfy the conditions specified in Sec.79 Below is the analysis on carry forward of losses in case […]...

Read More
Posted Under: Income Tax |

Income Tax on F&O Trading

Future and Options (F&O) Trading is a popular activity amongst taxpayers due to availability of  multiple online trading platforms. The Income Tax provisions on F&O trading need to be analysed carefully. Meaning of F&O Trading F&O Trading comprises of trading in futures and options. They are classified under Derivatives. ...

Read More
Posted Under: Income Tax |

Set Off and Carry forward of Losses

Provisions pertaining to Set-Off and carry forward of losses are divided in 3 parts: Part 1 deals with Set off of loss from one source against income from another source under the same head of income.(Section 70) Part 2 deals with Set off of loss from one head against income from another head (Section 71) […]...

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Posted Under: Income Tax |

Set off of business losses against capital gains is not mandatory

Sh. Ajay Kumar Singhania Vs DCIT (ITAT Chandigarh)

Sh. Ajay Kumar Singhania Vs DCIT (ITAT Chandigarh) The sole issue involved in this appeal is as to whether under the provisions of section 71 of the Income-tax Act, 1961 (in short ‘the Act’) there is an option to the assessee to set off the business losses against the capital gains or is it mandatory to […]...

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Set-Off & amp; Carry Forward – A Complete Summary

Do you have Losses?? Have you also faced the losses in past years as well?? It’s sad to know that you have to confront the losses.! But do you know that there are some uses of these losses too? And these losses can somehow be used to make you benefited. Enough of Quizzes.! Right?? But […]...

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Posted Under: Income Tax |

Remove proposed Restriction on set-off of loss from House property: ICAI

The Finance Bill 2017 proposes to insert sub-section (3A) in section 71 to provide that set-off of loss under the head Income from house property against any other head of income shall be restricted to two lakh rupees for any assessment year....

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Budget restricts set-off of loss from House property to Rs. 2 Lakh

It is proposed to insert sub-section (3A) in section 71 to provide that set-off of loss under the head Income from house property"against any other head of income shall be restricted to two lakh rupees for any assessment year....

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Posted Under: Income Tax | ,

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