Set Off of Losses

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

Income Tax - 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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Set off or Carry forward and Set off of Losses

Income Tax - 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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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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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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Set off of Brought Forward Losses of Merged Division in Revised Return allowed by ITAT

ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) - ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) The issue under consideration is whether the set off of brought forward losses and unabsorbed depreciation of merged division in revised return is justified in law?  In present case, the assessee Company had filed the original return...

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Set off of unabsorbed depreciation allowed irrespective of continuity of business in next year

DCIT Vs Regency Property Investment Pvt. Ltd. (ITAT Mumbai) - The issue under consideration is whether set off of the ‘unabsorbed depreciation’ can be allowed irrespective of continuity of the business in next year?...

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Recent Posts in "Set Off of Losses"

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 […]...

Read More
Posted Under: Income Tax |

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? ...

Read More

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...

Read More
Posted Under: Income Tax |

Set off of Brought Forward Losses of Merged Division in Revised Return allowed by ITAT

ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court)

ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) The issue under consideration is whether the set off of brought forward losses and unabsorbed depreciation of merged division in revised return is justified in law?  In present case, the assessee Company had filed the original return of income on 28.09.2010 showing total i...

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Set-Off & carry forward of losses – A Complete Summary

This article covers the provisions of The Income Tax Act, 1961 and rules made there under in regard to the Carry Forward and Set Off of Losses. The Income Tax Act has prescribed rules to set-off loss arising from one head against other heads of income. The process of setting off of losses and their […]...

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Posted Under: Income Tax |

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