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 : Learn the rules for set off and carry forward of income tax losses in India. Covers intra-head and inter-head adjustments, restric...
Income Tax : An overview of India's tax provisions for set-off and carry forward of losses, covering key sections, conditions, and anti-abuse r...
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 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...
Income Tax : The ITAT in Kolkata ruled that tax claims cannot be denied on technicalities when documentation is on record. The case of Ambika M...
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) […]
Sh. Ajay Kumar Singhania Vs DCIT (ITAT Chandigarh) The sole issue involved in this appeal is as to whether under the provisions of section 71 of the Income-tax Act, 1961 (in short ‘the Act’) there is an option to the assessee to set off the business losses against the capital gains or is it mandatory to […]
Do you have Losses?? Have you also faced the losses in past years as well?? It’s sad to know that you have to confront the losses.! But do you know that there are some uses of these losses too? And these losses can somehow be used to make you benefited. Enough of Quizzes.! Right?? But […]
