Income Tax : Learn how taxpayers can set off losses against taxable income and carry forward unadjusted losses under the Income-tax Act. The FA...
Income Tax : Learn how F&O, intraday, and delivery-based share losses should be reported in the income tax return. The guide explains ITR selec...
Income Tax : The issue relates to restrictions on adjusting losses against specific incomes. The rules clearly prohibit set-off against gamblin...
Income Tax : The issue concerns treatment of carried-forward losses when post-merger conditions are breached. The law provides that such benefi...
Income Tax : Losses computed under the earlier law can be carried forward under the new Act. However, eligibility depends strictly on complianc...
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 incom...
Income Tax : The Mumbai ITAT held that exemption under Section 54F has to be given effect before applying set-off provisions under Section 70(3...
Income Tax : The Tribunal held that once the return is accepted as valid under Section 139(1), denial of carry forward loss on belated filing g...
Income Tax : The Court ruled that a marginal eight-minute delay in filing the return could not justify denial of loss carry forward. The order ...
Income Tax : The court ruled that invoking an inapplicable statutory provision vitiates revision. Proper identification of the governing sectio...
Income Tax : The ITAT Delhi heard an appeal from Kamal Kant, whose set-off of non-speculative business losses from Futures & Options (F&O) agai...
Learn how taxpayers can set off losses against taxable income and carry forward unadjusted losses under the Income-tax Act. The FAQs explain eligibility, restrictions, and timelines for different categories of losses.
Learn how F&O, intraday, and delivery-based share losses should be reported in the income tax return. The guide explains ITR selection, tax audit applicability, turnover calculation, and carry-forward of losses.
The Mumbai ITAT held that exemption under Section 54F has to be given effect before applying set-off provisions under Section 70(3). The assessee was allowed to carry forward long-term capital loss separately.
The issue relates to restrictions on adjusting losses against specific incomes. The rules clearly prohibit set-off against gambling income, unexplained income, and virtual digital assets.
The issue concerns treatment of carried-forward losses when post-merger conditions are breached. The law provides that such benefits are reversed and taxed as income in the year of violation. The key takeaway is that non-compliance leads to prospective taxation without reopening past assessments.
Losses computed under the earlier law can be carried forward under the new Act. However, eligibility depends strictly on compliance with original provisions. Ineligible or belated losses cannot be revived.
The Tribunal held that once the return is accepted as valid under Section 139(1), denial of carry forward loss on belated filing grounds is contradictory and unsustainable.
The Court ruled that a marginal eight-minute delay in filing the return could not justify denial of loss carry forward. The order rejecting condonation was set aside to prevent disproportionate hardship.
The court ruled that invoking an inapplicable statutory provision vitiates revision. Proper identification of the governing section is mandatory before exercising revisional powers.
The ITAT Delhi heard an appeal from Kamal Kant, whose set-off of non-speculative business losses from Futures & Options (F&O) against Capital Gains income was disallowed by the tax authorities. Citing Section 71(2) of the Income-tax Act and judicial precedent, the ITAT found the set-off permissible.
