Income Tax : Learn about the crucial concept of set off and carry forward of losses in taxation. Discover how losses can be deducted from profi...
Income Tax : Explore recent legal precedents on carrying forward capital losses in mergers and demergers. Understand implications and conflicts...
Income Tax : Discover key provisions in tax laws for setting off and carrying forward losses to optimize your tax liability and make the most o...
Income Tax : Gain insights on how to handle losses under various income heads as per the Indian Income Tax Act, 1961. Know about sections 70-80...
Income Tax : Intra-head adjustment allows taxpayers to set off losses from a specific source against income from the same head. For instance, l...
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...
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 income […]
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 […]
Specified Business under section 35AD of the Income Tax Act: Section 35AD of the Income Tax Act provides for an investment-linked incentive to the assessee carrying on the specified business. Section 35AD provides deduction to the extent of 100% to assessee carrying on “Specified Business” as specified under the act. Set off and carry forward […]
Provision applicable for the set-off and carry forward of losses from the activity of owning and maintaining race horses (Section 74A of the Income Tax Act) Where the losses could not be set off under the same head or different heads of the income in the same assessment year, then such amount of losses are […]
A capital asset has been defined under section 2(14) of the Income Tax Act. Any gain arising from the transfer of the capital asset is termed as capital gain it can be short term or long term. And when there is a loss on the transfer of a capital asset, the loss termed as a […]
The issue under consideration is whether set off of the ‘unabsorbed depreciation’ can be allowed irrespective of continuity of the business in next year?
Having profit and loss in the business are two sides of a coin. Of course, losses are hard to digest. However, the Income Tax law in India does provide taxpayers with some sort of benefits of incurring losses too. Under the Income-tax Act, the Income is taxable under the five different heads: -Income from salaries […]
What is set-off of losses means? Set-off of losses means adjustment of losses against the income of that relevant year. Where the losses are not completely set off against income of the same financial year then such losses can be carried forward to the subsequent year or years for set off against income of those […]
Section 79 has no application in the absence of change in the beneficial voting power. Even after transfer of shares in the assessee company by its ultimate holding company to its another subsidiary, beneficial ownership of the assessee company continued to vest with the same holding company and therefore provisions of section 79 would not apply.
This article focuses on provisions of The Income Tax Act, 1961 and rules made there under relating to Set Off and Carry Forward of Losses. This is a complete guide to set off and carry forward the losses including the set off of losses from business and profession from presumptive income. A. There are two […]
