Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : The Finance Bill 2025 rationalizes tax loss carry forward rules under M&A by limiting it to 8 years from the original computation ...
Income Tax : Convert your company into an LLP before 31st March 2025 to carry forward business losses for 8 years. Act now before the tax benef...
Income Tax : Understand income tax rules for set-off and carry forward of losses, including inter-source, inter-head adjustments, and condition...
Income Tax : Learn how losses from speculation business can be set off only against speculation income, with provisions for carry-forward....
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 : Delhi High Court upholds constitutional validity of Sec. 71(3A) of Income Tax Act, limiting set-off amount but not eliminating ded...
Income Tax : Explore the detailed analysis of JS Capital LLC Vs ACIT (ITAT Mumbai) regarding the offsetting of Short Term Capital Loss (STCL) a...
Income Tax : Explore how DCIT vs. Claris Lifesciences Limited case sets precedent for setting off deemed short-term capital gain on sale of dep...
Income Tax : Delhi High Court ruling on PCIT Vs Burda Druck India Pvt. Ltd. explores AO's authority in deciding business loss carry forward. Fu...
Income Tax : ITAT Mumbai order in DCIT vs Brandon & Co. (P) Ltd.: Set-off of carry-forward loss of capital gains in demerger. Analysis and con...
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 […]
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 […]
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 […]
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.
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 their […]
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.
The Income-Tax Act, 1961, allows set-off and carry-forward of the loss incurred by any assessee subject to some restrictions Apart from other information, the new income-tax forms, ITR-1 to ITR-8, notified by the Central government seeks details on set-off of losses. Now almost every assessee has to give this information. Therefore, one has to be aware of the exact provisions relating to set-off. Otherwise there is every possibility of claiming incorrect set-off.
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 assessment year […]
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 furnish a return […]
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 […]
