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9 Ιουλ 2024 · Income-tax law in India allows for set-off and carry forward of losses, including intra-head and inter-head set off. Carry forward of losses differs per head of income, with time limits ranging from 4 to 8 years.
1 Ιουλ 2024 · Carry Forward of Losses. If you are not able to set off your entire capital loss in the same year, both short-term and long-term loss can be carried forward for 8 assessment years immediately following the assessment year in which the loss was first computed.
Step 2: Under ‘Tax Saving’ tab > scroll down to ‘Carry Forward of Losses’ section > click on edit details. Step 3: Here, click on ‘Add Previous Year Losses’ to enter the details of brought forward losses. Step 4: Select the assessment year (the year in which you had incurred the loss).
27 Αυγ 2024 · What are the provisions framed under the Income-tax law in relation to carry forward and set off of business loss other than loss from speculative business? Ans: The set-off of loss from house property against income from any other source is restricted to Rs. 2 lakh per annum.
17 Νοε 2021 · Yes, In order to carry forward the losses of the current assessment year it is mandatory to file Income Tax Return within the due date. i.e. 31st July, 31st Oct, 30th Nov as the case may be.
Any amount of loss and deduction in excess of the adjusted basis at the end of the year is disallowed in the current year and carried forward indefinitely. Next year, this carryforward is treated as having been incurred at the beginning of the year.
Depreciation. Depreciable assets are grouped in blocks, and each block is eligible for depreciation at a prescribed rate. The Indian Revenue Department clarified that with effect from 1 April 2017 the block of assets that are entitled to more than 40% depreciation will now be restricted to 40%.
