Set Off of Losses

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

Income Tax - 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

Income Tax - 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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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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Turnover Computation & Tax audit applicability for F&O Transactions

Income Tax - Ideally when you deal in Futures and Options, the transaction size is big but profits are too small. Therefore confusion prevails that whether these transactions can be termed speculative transaction or they are business losses or profits....

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Carry Forward and Set Off of Losses with FAQs

Income Tax - Set off of loss under the same head of income.(section 70) (Intra-head set off) -Income of a person is computed under five heads. ‘Sources’ of income derived by an individual may be many but yet they could be classified under the same head. For instance, an individual may have a dual employment, yet the income would be classified unde...

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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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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"

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....

Read More
Posted Under: Income Tax | ,

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....

Read More
Posted Under: Income Tax | ,

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 |

Turnover Computation & Tax audit applicability for F&O Transactions

Ideally when you deal in Futures and Options, the transaction size is big but profits are too small. Therefore confusion prevails that whether these transactions can be termed speculative transaction or they are business losses or profits....

Read More
Posted Under: Income Tax | ,

Carry Forward and Set Off of Losses with FAQs

Set off of loss under the same head of income.(section 70) (Intra-head set off) -Income of a person is computed under five heads. ‘Sources’ of income derived by an individual may be many but yet they could be classified under the same head. For instance, an individual may have a dual employment, yet the income would be classified unde...

Read More
Posted Under: Income Tax | ,

Set off or Carry forward and Set off of Losses

Income tax department known for collection of heavy taxes on income being earned by the assessees also provide them relief at the time they incur losses. In the eyes of assessee IT Department has always been harsh when it comes to collection of taxes but there is opposite side also i.e. Department allow the assessee to Set off or Carry Fo...

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Posted Under: Income Tax |

Set Off of Losses or Carry Forward and Set Off of Losses

SET OFF OF LOSS FROM ONE SOURCE AGAINST INCOME FROM ANOTHER SOURCE UNDER THE SAME HEAD OF INCOME (INTER SOURCE). SET OFF OF LOSS FROM ONE HEAD AGAINST THE INCOME FROM ANOTHER (INTER HEAD) ...

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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....

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Posted Under: Income Tax |

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. ...

Read More

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 deduction u/s 10A...

Read More
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