Set off or carry forward

Welcome to your Set off or carry forward

Loss from the activity of owning and maintaining race horses could be set-off

If an individual, having a sales turnover of ₹ 60 lakhs files his return of income for the AY 2022 -23 after the due date, showing unabsorbed business loss of ₹ 23,000 and unabsorbed depreciation of ₹ 45,000, he can carry forward to the subsequent assessment years

If a person is eligible to claim: (1) Unabsorbed depreciation (2) Current scientific research expenditure (3) Current depreciation (4) Brought forward business loss. The order of priority to set-off would be

A partnership firm with 4 equal partners brought forward depreciation of ₹ 3 lakhs and business loss of ₹ 3 lakhs relating to AY 2020-2021. On 1st April 2021, two partners retired. The amount that assessee-firm can set off against its income for the AY 2022-23 would be

Which of the following losses available after inter source set-off, cannot be set-off from incomes in other heads in the same assessment year

To carry forward and set off losses, a loss return must be filed by the assessee within the stipulated time and gets the loss determined by the Assessing Officer. However, this condition is not applicable to

Deep Gyan discontinued wholesale trade in medicines from 1st July 2018. He recovered ₹ 1,50,000 in October 2021 being a bad debt that was written-off and allowed in the assessment year 2019-2020. He has eligibly brought forward business loss of wholesale trade in medicines of ₹ 1,70,000. The consequence of bad debt recovery is that

Unabsorbed loss from house property can be carried forward for

Loss from speculation business is eligible for carrying forward for a period of

No loss can be set off against

The amount of depreciation not absorbed in the same year can be carried forward

Loss from speculation business can be set off against

Mr. Deep Gyan has loss from house property of ₹ 1,10,000 (computed) for the assessment year 2022-23. He can carry forward such loss for _____________ subsequent assessment years

In the previous year Mr. Deep Gyan has following income: (i) Business loss of ₹ 1,30,000; (ii) Income from salary ₹ 2,40,000; and (iii) Speculation gain of ₹ 1,10,000. His total income for income tax assessment is:

Deep Gyan (P) Ltd. engaged in chain cold storage has brought forward business loss of ₹ 12 lakhs relating to the assessment year 2021-2022. During the previous year 2021-2022, its income from the said business is ₹ 9 lakhs. It also has profit from trade in food grains of ₹ 6 lakhs. The total income of the company for the assessment year 2022-2023 is:

A Co. Ltd. has business loss and unabsorbed depreciation of ₹ 10 Crore. B Co. Ltd is a profit-making company. B Co. Ltd. wanted to acquire A Co. Ltd. with the benefit of set-off of brought forward loss and unabsorbed depreciation. The legally permissible method is:

When an assessee has loss from house property, it is eligible for carrying forward for the ________________ subsequent assessment years.

Mr. Deep Gyan is employed in a company. His income under various heads are Salary ₹ 5,60,000; (ii) Loss from letting out properly ₹ 65,000; (iii) Loss from business ₹ 1,10,000 and (iv) Loss under the head other sources ₹ 30,000. His total income after set off of losses would be:

A company has the following: (i) Current scientific research expenditure; (ii) Current depreciation; (iii) Unabsorbed depreciation; (iv) Brought forward business loss. The order sequence of set off is:

Speculation loss can be carried forward for ___________ subsequent assessment years.

In which case a partnership firm is not entitled to carry forward and set off so much of the losses proportionate to the share of a retired or deceased person exceeding his/her share of profits, if any, in the firm in respect of the previous year:

Deep Gyan, a resident individual having computed for the previous year 1st April 2021 to 31st March 2022 his business loss at ₹ 60,000, short term capital gain on sale of gold of ₹ 40,000, long term capital gain on sale of house property of ₹ 3,60,000. The amount of total income to be declared in the return for the assessment year 2022-23 by Deep Gyan shall be

The loss computed under the head “Income from house property” can be set off by Intra head adjustment during the same year from:

The benefit of carrying forward and set-off of losses under section 79 of Income-tax Act, 1961, by a closely held Indian company which is a subsidiary of a foreign company as a result of amalgamation or demerger, is subject to the condition that specified percentage of the shareholders of the amalgamating or demerged foreign company continues to be the shareholders of the amalgamated or the resulting foreign company which is:

Business loss can be set off from income of any other business but cannot be set off from:

Short term capital loss can be setoff as per provisions of section 72 of the Income-tax Act, 1961 from:

The loss from the activity of owning and maintaining race horses is eligible for carrying forward and set off for a maximum period of:

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