Set Off of Losses
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...
Read MoreRemove 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....
Read MoreBudget 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....
Read MoreOrder 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....
Read MoreTurnover 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....
Read MoreEffectively 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 […]...
Read MoreSpeculation 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 MoreDeduction 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 ...
Read MoreIncome 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...
Read MoreRecent Posts in "Set Off of Losses"
Carry Forward and Set Off of Losses with FAQs
Remove proposed Restriction on set-off of loss from House property: ICAI
Budget restricts set-off of loss from House property to Rs. 2 Lakh
Order of setting off of losses & deductions against Business /profession Income
Turnover Computation & Tax audit applicability for F&O Transactions
Set off or Carry forward and Set off of Losses
Set Off of Losses or Carry Forward and Set Off of Losses
Carry Forward and Set off of Losses in tabular form with FAQs
Speculation Profit can be set off against carried forward speculation losses first
Commissioner of Income-tax, Delhi-VIII Vs Ashok Mittal (Delhi High Court) -
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) -
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