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...
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.
