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...
An Indian company engaged in computer software business set up a trading office in Japan. The company’s Japan branch suffered loss, which it claimed as deduction from profits earned in India. The assessing officer, however, held that since the profits of the trading office are taxable in Japan only, any loss incurred by the firm in respect of its trading office is not allowable as deduction from the income which is taxable in India.
