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...
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.
Amidst the current economic turmoil going on globally on account of the disruption in the supply chain and economic stillness for a period, there are certain inconspicuous benefits in terms of capital gains tax under the income tax provisions which if planned well may benefit to an extent depending on the income profile and the tax brackets of the person.
The assessee contended that the Assessing Officer has rightly allowed set off of income from other sources against other heads of income because up to assessment year 2016-2017 there was no prohibition on set off of losses. It was contended that the amendment to section 115BBE of the I.T.Act restricting the set off of any loss was inserted by the Finance Act, 2016 with effect from 01.04.2017 only, hence, not applicable to the concerned assessment year 2015-2016.
The existing provisions of section 79 of the Act, inter-alia provides that where a change in shareholding has taken place in a previous year in the case of a company, not being a company in which the public are substantially interested,
As we all are aware that The Union Budget for 2020-21 will be presented in the Lok Sabha on 1st February, 2020) at 11.00 am by our Finance Minister Nirmala Sitharman. As per every year, this year also Institute of Chartered Accountants of India has submitted its Pre Budget Memorandum to the government. Today we […]
Set off of loss from one source against income from another source under the same head of income/inter- source set-off under the same head of income Any loss in respect of one source shall be set-off against income from other source under the same head of income. But, there are some exception to this.
Since the prescribed electronic return of income did not permit assessee to make his claim to set off of his profits of this year from the carried forward losses of the previous year, therefore, assessee was directed to make a representation on the above issue to the CBDT and in the meantime, assessee without prejudice to his rights and contentions would file the return of income in electronic form on the system before the last date.
Analysis of Section 79 of Companies Act, 1961 -Carry forward and set off of losses in companies Section 79 of the Income Tax Act, 1961 deals with the carry forward of losses for certain class of companies which satisfy the conditions specified in Sec.79 Below is the analysis on carry forward of losses in case […]
Future and Options (F&O) Trading is a popular activity amongst taxpayers due to availability of multiple online trading platforms. The Income Tax provisions on F&O trading need to be analysed carefully. Meaning of F&O Trading F&O Trading comprises of trading in futures and options. They are classified under Derivatives. Derivatives are securities whose value is […]
Provisions pertaining to Set-Off and carry forward of losses are divided in 3 parts: Part 1 deals with Set off of loss from one source against income from another source under the same head of income.(Section 70) Part 2 deals with Set off of loss from one head against income from another head (Section 71) […]
