If The Income Of The Year In Which Loss Is Incurred Falls Short, And Taxpayer Is Unable To Adjust Entire Loss, Then Can The Taxpayer Carry Forward The Unadjusted Loss For Adjustment In Next Year?
If the income of the year in which loss is incurred falls short, and the taxpayer is unable to adjust entire loss, then can the taxpayer carry forward the unadjusted loss for adjustment in next year?
Free Legal Advice - taxation
Posted by: Suraj Nath
Posted on: 2018-09-04
Many times it may happen that after making intra-head and inter-head adjustments, still, the loss remains unadjusted. Such unadjusted loss can be carried forward to next year for adjustment against subsequent years income. Separate provisions have been framed under the Income-tax Law for carrying forward of loss under different heads of income.
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