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?

?The set-off of loss from house property against income from any other source is restricted to Rs. 2 lakh per annum. If loss of any business/profession (other than speculative business) cannot be fully adjusted in the year in which it is incurred, then the unadjusted loss can be carried forward for making adjustment in the next year. In the subsequent years such loss can be adjusted only against income charged to tax under the head "Profits and gains of business or profession". Loss under the head "Profits and gains of business or profession" can be carried forward only if the return of income/loss of the year in which loss is incurred is furnished on or before the due date of furnishing the return, as prescribed under section 139(1)?. Such loss can be carried forward for eight years immediately succeeding the year in which the loss is incurred.