Contents
CHAPTER 1
Introduction
The character of loss
What is loss in income-tax?
Meaning of Set-off and Carry forward
Tabular Summary for adjustments of loss
Table Showing Set-off and Carry Forward of Losses.
CHAPTER 2
Loss Under “Income from House Property
Loss Under “Income from House Property
Loss from house property can be carried forward even if the return is not filed within the due date
Loss can be carried forward by the assessee who
incurred the loss
Carry forward and set-off of house property loss
Process of setting off of loss and carry forward
Restriction on set-off of loss from house property Section 71(3A)]
Provisions in brief: Set-off & Carry Forward of Losses
CHAPTER 3
Business Losses Deductible Under Income Tax
Qualifying Conditions
CHAPTER 4
Loss on Account of Embezzlement by an Employee
CHAPTER 5
Loss on Account of Robbery, Theft, Dacoity, etc
Conditions for claiming losses on account of robbery, theft, dacoity, etc
Year in which deductible
CHAPTER 6
Loss Due to Fire
CHAPTER 7
Loss Arising on Account of Fluctuation of Foreign Exchange Rate
Meaning of ‘Foreign Exchange’ (FX).
Income Tax implications of foreign exchange variations.
Taxation of foreign exchange fluctuation
CHAPTER 8
Loss from Exempted Source of Income
CHAPTER 9
Business Losses not Allowable Under Income Tax
Expenses after business set-up allowable even if business not commenced
CHAPTER 10
Carry Forward and Set-off of Unabsorbed Depreciation
Section 32(2)
Meaning of unabsorbed depreciation.
Unabsorbed depreciation can be carried forward for an indefinite period
Legal position of current and brought forward unadjusted/unabsorbed depreciation allowance
Table Showing Set-off and Carry Forward of Unabsorbed Depreciation
Carry Forward and Set-off of Unabsorbed Depreciation [Section 32(2)]
– for Computing Profits and Gains of Business or Profession
Priority of Set-off.
CHAPTER 11
Set-off of Loss from One Source Against Income from Another Source Under the Same Head of Income
[Section 70]
Setting off of losses
Section 70(3)
Exceptions in provisions of section 70
CHAPTER 12
Set-off of Loss from One Head Against Income from Another
[Section 71]
Meaning of intra-head adjustment
Restriction on set-off of loss from House property [Section 71(3A)]
CHAPTER 13
Setting off of Carried Forward Losses of Earlier Years
Intra-head Set-off
Inter-head Set-off
CHAPTER 14
Transitional Provisions for Set-off of Loss Under the Head “Income from House Property” [Section 71A]
CHAPTER 15
Carry Forward and Set-off of Loss from House Property [Section 71B]
Carry forward and Set-off of brought forward loss
CHAPTER 16
Carry Forward and Set-off of Business Losses
[Section 72]
Carry forward and Set-off of brought forward losses
Brought forward business losses can be adjusted only against business income.
Business in respect of which a loss is incurred may or may not be continued.
Losses can be Set-off only by the Assessee who has incurred loss [Section 78(2)]
Business need not be continued.
Return of Loss
Business losses deductible/not deductible under the head
‘Profits and Gains of Business or Profession’.
Order of set-off of business losses [Section 72(2)]
When the period of 8 years of carry forward and set-off of loss does not apply
CHAPTER 17
Provisions Relating to Carry Forward and Set-off of -19224 Accumulated Loss and Unabsorbed Depreciation Allowance in Amalgamation or Demerger, etc.
[Section 72A]
Carry forward of accumulated loss and/or unabsorbed depreciation (Section 72A)
Reorganisation in case of firm/proprietorship to company and 1192 private company/unlisted public company to LLP (Section 72A(6))
Conditions for carrying forward or set-off of accumulated loss
and unabsorbed depreciation allowance in case of amalgamation
Conditions precedent for applicability of section 72A of Income-tax Act
Withdrawal of benefit, if the conditions under section 72A(2) are not fulfilled [Section 72A(3)]
Procedure for representation before BIFR and AAIFR.
CHAPTER 18
Carry Forward and Set-off of Accumulated Loss and Unabsorbed Depreciation Allowance in Scheme of Amalgamation in Certain Cases [Section 72AA]
CHAPTER 19
Provisions Relating to Carry Forward and Set-off of Accumulated Loss and Unabsorbed Depreciation
Allowance in Business Reorganisation of
Co-operative Banks [Section 72AB]
CHAPTER 20
Losses in Speculation Business [Section 73]
Transaction not deemed to be speculative transaction.
Carry forward and Set-off of brought forward losses
CHAPTER 21
Carry Forward and Set-off of Losses by Specified Business W
[Section 73A]
Loss under Specified Business (Business Under Section 35AD)
Double Deduction not allowed.
Carry forward and Set-off of brought forward losses
Loss of Section 35AD eligible unit can be set-off against profits of ineligible unit if it is a specified business
CHAPTER 22
Losses Under the Head “Capital Gains” [Section 74]
Carry forward and Set-off of brought forward losses ars Mandatory to file timely return of income
CHAPTER 23
Losses from Certain Specified Sources Falling Under the Head “Income from other Sources”
OSAO. [Section 74A]
ers Carry forward and Set-off of brought forward losses
Mandatory to file timely return of income
Continuity of activity
Treatment of other race animals
CHAPTER 24
Losses of Firms [Section 75]
CHAPTER 25
Loses of Unregistered Firms Assessed as eximdue Registered Firms [Section 76]
Loses of unregistered firms assessed as registered firms. – [Section 76: Omitted by the Finance Act, 1992 (18 of 1992), lu section 39 (with effect from 01.04.1993)]
CHAPTER 26
Losses of Unregistered Firms or their Partners
[Section 77]
Losses of unregistered firms or their partners. – [Section 77: Omitted by the Finance Act, 1992 (18 of 1992), section 39 (with effect from 01.04.1993)]
CHAPTER 27
Carry Forward and Set-off of Losses in Case of Change in Constitution of Firm or on Succession [Section 78]
CHAPTER 28
wolls ton notube siduo
Carry Forward and Set-off of Losses in Case of Certain Companies [Section 79]
Changes in Shareholding Pattern
Object of Section 79
Facilitating strategic disinvestment of public sector companies 201 [Section 79 amended wef Assessment year 2022-23]
Section 79 of the Act comes into play.
Substitution of section 79 by the Finance (No. 2) Act, 2019
Background
Provision not to apply to a startup company
Certain exceptions to Section 79
Amendment introduced for startups in section 79 of the Acton through Finance Act, 2017 [i.e. on or after 01.04.2018]
Section 79 of the Act before the amendment by Finance Act, 2017 [i.e. up to 31.03.2018]
CHAPTER 29
No Set off of Losses Consensequent to Search,
Reuisition and Survey [Section 79A]
Undisclosed Income – Set off & carry forward of losses
CHAPTER 30
Submission of Return for Losses [Section 80]
Submission of return for losses
Withdrawal of circulars [CBDT Circular No. 683, dated 08.06.1994]
Return of loss in the case of a sick company [CBDT
Circular No. 576, dated 31.08.1990]
Effect of order passed by Board for Industrial and Financial Reconstruction under scheme for rehabilitation of sick units on
determination of losses
CHAPTER 31
Losses From Agricultural Operations
Income/loss from agricultural properties cannot be set-off.
CHAPTER 32
No Set-off of Losses Against Income Referred to in Section 68 or Section 69 or Section 69A or Section 69B or Section 69C or Section 69D [Section 115BBE(2)]
CHAPIER 33
Loss from one Virtual Digital Asset (VDA) cannot be Set-off Against Income from Another VDA
troductio [Section 115BBH(2)(b)]
CHAPTER 34
Filing Return of Loss
[Section 139(3) read with Section 80]
CHAPTER 35
Intimation of Loss [Section 157]
Losses under the head “Capital gains”..
CHAPTER 36
Allowability of Losses Incurred for Earning Illegal Income Under the Income Tax Act of loss
CHAPTER 37
Important Forms
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