Set Off of Losses

Set off of loss or unabsorbed depreciation not allowed against undisclosed income

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 […]...

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Set Off and Carry Forward of Loss under Income Tax Act, 1961

Income 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. […]...

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Provisions of set off carry and forward of losses?

Income 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 […]...

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Set-off And Carry Forward of Losses

Income 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 […]...

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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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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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Denial of carry forward of business loss for non-completion of statutory audit is unjustified

DCIT 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....

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Business Income declared during Survey can be set-off against Business Losses

Hussain 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....

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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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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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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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Recent Posts in "Set Off of Losses"

Denial of carry forward of business loss for non-completion of statutory audit is unjustified

DCIT 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 More

Set off of loss or unabsorbed depreciation not allowed against undisclosed income

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 More
Posted Under: Income Tax |

Set Off and Carry Forward of Loss under Income Tax Act, 1961

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 More
Posted Under: Income Tax |

Provisions of set off carry and forward of losses?

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 More
Posted Under: Income Tax |

Set-off And Carry Forward of Losses

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 More
Posted Under: Income Tax |

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 |

Set off And Carry Forward of Income Tax Losses

Set off of losses Set off of losses means adjusting the losses against the profit or income of that particular year. Losses that are not set off against income in the same year can be carried forward to the subsequent years for set off against income of those years.  Intra-head Set Off Inter-head Set Off […]...

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Posted Under: Income Tax |

Business Income declared during Survey can be set-off against Business Losses

Hussain 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 More

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...

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Posted Under: Income Tax |

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

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