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Set Off and Carry Forward of Losses

1.

Loss from Exempted Source of Income cannot be adjusted against taxable income

2.

Meaning of Intra-Head Adjustment

3.

Restrictions to be kept in mind while making intra-head adjustment of loss

4.

Meaning of Inter-Head Adjustment

5.

Restrictions to be kept in mind while making inter-head adjustment of loss

6.

Carry forward of unadjusted loss for adjustment in next year

7.

Provisions under the Income-tax law in relation to carry forward and set off of business loss other than loss from speculative business

8.

Provisions under the Income-tax Law in relation to carry forward and set off of house property loss

9.

Provisions under the Income-tax law in relation to carry forward and set off of capital loss

10.

Meaning of unabsorbed depreciation, unabsorbed capital expenditure on scientific research and unabsorbed capital expenditure on promoting family planning amongst the employees

11.

Provisions under the Income-tax Law relating to set off of unabsorbed depreciation, unabsorbed capital expenditure on scientific research and unabsorbed capital expenditure on promoting family planning amongst the employees

12.

Carry forward of loss in case of change in the constitution of business

13.

Provisions relating to carry forward of loss in case of retirement of a partner from a partnership firm

14.

Special provisions relating to carry forward and set off of loss in case of a company in which public are not substantially interested

15. Table Showing Set Off And Carry Forward Of Losses

 

 

1.      Loss from Exempted Source of Income cannot be adjusted against taxable income

If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to tax.

 

E.g., Agricultural income is exempt from tax, hence, if the taxpayer incurs loss from agricultural activity, then such loss cannot be adjusted against any other taxable income.

 

2.      Meaning of Intra-Head Adjustment

If in any year the taxpayer has incurred loss from any source under a particular head of income, then he is allowed to adjust such loss against income from any other source falling under the same head.

 

The process of adjustment of loss from a source under a particular head of income against income from other source under the same head of income is called intra-head adjustment,

 

e.g. Adjustment of loss from business A against profit from business B.

 

3.      Restrictions to be kept in mind while making intra-head adjustment of loss

Following restrictions should be kept in mind before making intra-head adjustment of loss:

 

1)         Loss from speculative business cannot be set off against any income other than income from speculative business. However, non-speculative business loss can be set off against income from speculative business.

 

2)         Long-term capital loss cannot be set off against any income other than income from long-term capital gain. However, short-term capital loss can be set off against long-term or short-term capital gain.

 

3)         No loss can be set off against income from winnings from lotteries, crossword puzzles, race including horse race, card game, and any other game of any sort or from gambling or betting of any form or nature.

 

4)         Loss from the business of owning and maintaining race horses cannot be set off against any income other than income from the business of owning and maintaining race horses.

 

5)         Loss from business specified under section 35AD cannot be set off against any other income except income from specified business (section 35AD is applicable in respect of certain specified businesses like setting up a cold chain facility, setting up and operating warehousing facility for storage of agricultural produce, developing and building a housing projects, etc.).

 

4.      Meaning of Inter-Head Adjustment

After making intra-head adjustment (if any) the next step is to make inter-head adjustment. If in any year, the taxpayer has incurred loss under one head of income and is having income under other head of income, then he can adjust the loss from one head against income from other head, E.g., Loss under the head of house property to be adjusted against salary income.

 

5.      Restrictions to be kept in mind while making inter-head adjustment of loss

Following restrictions should be kept in mind before making inter-head adjustment:

 

1)         Before making inter-head adjustment, the taxpayer has to first make intra-head adjustment.

 

2)         Loss from speculative business cannot be set off against any other income. However, non-speculative business loss can be set off against income from speculative business.

 

3)         Loss under head “Capital gains” cannot be set off against income under other heads of income.

 

4)         No loss can be set off against income from winnings from lotteries, crossword puzzles, race including horse race, card game, and any other game of any sort or from gambling or betting of any form or nature.

 

5)         Loss from the business of owning and maintaining race horses cannot be set off against any other income.

 

6)         Loss from business specified under section 35AD cannot be set off against any other income (section 35AD is applicable in respect of certain specified businesses like setting up a cold chain facility, setting up and operating warehousing facility for storage of agricultural produce, developing and building housing projects, etc.)

 

7)         Loss from business and profession cannot be set off against income chargeable to tax under the head “Salaries”.

 

6.      Carry forward of unadjusted loss for adjustment in next year

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 year(s)’ income. Separate provisions have been framed under the Income-tax Law for carry forward of loss under different heads of income.

 

7.      Provisions under the Income-tax law in relation to carry forward and set off of business loss other than loss from speculative business

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 year(s) 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.

 

Above provisions are not applicable in case of unabsorbed depreciation (provisions

relating to unabsorbed depreciation are discussed later)

 

Loss from business specified under section 35AD cannot be set off against any other income except income from specified business (section 35AD is applicable in respect of certain specified businesses like setting up a cold chain facility, setting up and operating warehousing facility for storage of agricultural produce, developing and building a housing projects, etc.). Such loss can be carried forward for adjustment against income from specified business for any number of years.

 

Loss from business specified under section 35AD 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).

 

Loss from the business of owning and maintaining race horses cannot be set off against any income other than income from the business of owning and maintaining race horses. Such loss can be carried forward only for a period of 4 years.

 

If loss of any 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 year(s) such loss can be adjusted only against income from speculative business (may be same or any other speculative business).

 

Loss from speculative business 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 four years immediately succeeding the year in which the loss is incurred.

 

Above provisions are not applicable in case of unabsorbed depreciation of speculative business (provisions relating to unabsorbed depreciation are discussed later).

 

8.      Provisions under the Income-tax Law in relation to carry forward and set off of house property loss

If loss under the head “Income from house property” cannot be fully adjusted in the year in which such loss is incurred, then unadjusted loss can be carried forward to next year.

 

In the subsequent years(s) such loss can be adjusted only against income chargeable to tax under the head “Income from house property”.

 

Such loss can be carried forward for eight years immediately succeeding the year in which the loss is incurred. Loss under the head “Income from house property” can be carried forward even if the return of income/loss of the year in which loss is incurred is not furnished on or before the due date of furnishing the return, as prescribed under section 139(1).

 

9.      Provisions under the Income-tax law in relation to carry forward and set off of capital loss

If loss under the head “Capital gains” incurred during a year cannot be adjusted in the same year, then unadjusted capital loss can be carried forward to next year.

 

In the subsequent year(s), such loss can be adjusted only against income chargeable to tax under the head “Capital gains”, however, long-term capital loss can be adjusted only against long-term capital gains. Short-term capital loss can be adjusted against long-term capital gains as well as short-term capital gains.

 

Such loss can be carried forward for eight years immediately succeeding the year in

which the loss is incurred.

 

Such loss can be can 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).

 

10.    Meaning of unabsorbed depreciation, unabsorbed capital expenditure on scientific research and unabsorbed capital expenditure on promoting family planning amongst the employees

Apart from several other deductions, while computing income chargeable to tax under the head “Profits and gains of business or profession” a person is allowed to claim deduction on account for depreciation, capital expenditure incurred by him on scientific research and capital expenditure incurred by a company for promoting family planning amongst its employees.

 

If the income of the year in which these expenses are incurred falls short of these expenses, then the unabsorbed expenses can be carried forward to next year in the form of unabsorbed depreciation or unabsorbed capital expenditure on scientific research or unabsorbed capital expenditure on promoting family planning amongst the employees.

 

Illustration for better understanding

Business income (computed as per the provisions of Income-tax Law) of Mr. Kiran before allowing deduction on account of depreciation amounted to Rs. 84,000. Depreciation as per the provisions of section 32 amounted to Rs. 1,00,000. What will be the amount of unabsorbed depreciation in this case?

**

It can be observed that business income before claiming deduction under section 32 on account of depreciation is Rs. 84,000 and depreciation allowable as per section 32 is Rs.1,00,000, hence, after claiming deduction on account of depreciation of Rs. 1,00,000, there will be a loss of Rs. 16,000.

 

This loss is on account of depreciation and, hence, loss of Rs 16,000 will be termed as

unabsorbed depreciation.

 

11.    Provisions under the Income-tax Law relating to set off of unabsorbed depreciation, unabsorbed capital expenditure on scientific research and unabsorbed capital expenditure on promoting family planning amongst the employees

Depreciation is first deducted from the income chargeable to tax under the head “Profits and gains of business or profession”. If such depreciation could not be fully adjusted against such income chargeable to tax in that previous year, the unabsorbed portion shall be added to the amount of depreciation for the following year and shall be deemed to be the part of depreciation for that year(similar treatment would be given to other allowances as mentioned above). However, in the case of set off, following order of priority is to be followed:

 

1)         First adjustments are to be made for current scientific research expenditure, family planning expenditure and current depreciation.

 

2)         Second adjustment is to be made for brought forward business loss.

 

3)         Third adjustments are to be made for unabsorbed depreciation, unabsorbed capital expenditure on scientific research or on family planning.

 

12.    Carry forward of loss in case of change in the constitution of business

Generally, the person incurring the loss is only entitled to carry forward the loss to be adjusted in subsequent year(s). However, in certain cases of reconstitution of the business like amalgamation, demerger, conversion of proprietary firm into company or conversion of partnership firm into company, etc., the reconstituted entity is entitled to carry forward the unadjusted loss of predecessor entity (provided that conditions specified in this regard are satisfied).

 

13.    Provisions relating to carry forward of loss in case of retirement of a partner from a partnership firm

Section 78 contains provisions relating to carry forward and set off of loss in case of change in constitution of a partnership firm due to death or retirement of a partner (i.e. when a partner goes out of firm by retirement or death). In such a case, the share of loss attributable to the outgoing partner cannot be carried forward by the firm.

 

Restriction of section 78 is applicable only in case of loss and is not applicable in case of adjustment of unabsorbed depreciation, unabsorbed capital expenditure on scientific research or family planning expenditure.

 

14.    Special provisions relating to carry forward and set off of loss in case of a company in which public are not substantially interested

As per section 79 of the Income-tax Act, where a change in shareholding has taken place in a previous year in the case of a company, not being a company in which the public are substantially interested, no loss incurred in any year prior to the previous year shall be carried forward and set off against the income of the previous year unless-

 

On the last day of the previous year the shares of the company carrying not less than

fifty-one per cent of the voting power were beneficially held by person who beneficially held shares of the company carrying not less than fifty-one per cent of the voting power on the last day of the year or years in which the loss was incurred.

 

Restriction of section 79 is applicable only in case of loss and is not applicable in case of adjustment of unabsorbed depreciation, unabsorbed capital expenditure on scientific research or family planning expenditure.

 

Further, the provisions of section 79 are not applicable in case of change in share holding on account of death of shareholder or on account of transfer of shares by way of gift to any relative of the shareholder or change in shareholding in case of an Indian company which is a subsidiary of foreign company, when such foreign company is amalgamated/demerged with another foreign company and 51% or more shareholders of the amalgamating/demerged foreign company continues to be the shareholders of the amalgamated/resulting foreign company.

15.      Table Showing Set Off And Carry Forward Of Losses

Head of income under which Loss is incurred

Whether loss can be set off within the same year

Whether Losses can be carried forward and set off in subsequent years.

Time limit for carry forward and set off of losses

 

Under the same head

Under any other Head

Under the same head

Under any other Head

 

1. Income from Salaries

NA

NA

NA

NA

NA

2. Income from House Property

Yes

Yes

Yes

No

8 years

3. Profit and gain from Business or Professions :    

 

 

 

 

 

   a. Non-speculation Business

Yes

Yes

Yes

No

8 years

   b. Speculation Business

Yes

No

Yes

No

8 years

   c. Unabsorbed Depreciation

Yes

Yes

Yes

No

N.A.

   d. Unabsorbed Investment or                 Development allowance.

Yes

Yes

Yes

Yes

8 years

4. Capital Gain (Short-Term)

Yes

No

Yes

No

8 years

5. Capital Gain (Long -Term)

Yes

No

Yes

No

8 years

6. Income from Other Sources:

 

 

 

 

 

   a. Lotteries, Crossword, Puzzle, Card Games, Gambling, or betting of any form.

Yrs

No

No

No

NIL

   b. Loss from activity of owning and maintaining Race Horses

Yes

No

Yes

No

4 Years

   c. Other Income

Yes

Yes

No

No

NIL

STRUCTURE

Introductions

  1. Set Off of Loss from one Source against Income from another source under the same head of income.[Sec.70]

  2. Set Off of Loss from one Head against income from another. [Sec.71]

  3. Carry forward and set off of Loss under the head ‘Income from House Property’. [Sec.71 B]

  4. Carry Forward and Set Off of Business Losses [Sec.72]

  5. Losses in Speculation Business [Sec.73]

  6. Losses under the head “Capital Gains’. [Sec.74]

  7. Losses from certain specified sources falling under the head ‘Income from Other Sources’. [Sec.74 A]

  8. Table showing Set Off and Carry Forward of Losses

INTRODUCTIONS

The process of setting off of losses and their carry forward may be covered in the following Steps:

Step-1 :           Inter-Source adjustment under the same head of income

Step-2 :           Inter-head adjustment in the same assessment year and will be applied only if a loss cannot be set off under Step-1.

Step-3 :            Carry Forward of Loss is applied only if a loss cannot be set off under Step-1 & Step-2

1.      SET OFF OF LOSS FROM ONE SOURCE AGAINST INCOME FROM ANOTHER SOURCE UNDER THE SAME HEAD OF INCOME [Sec. 70 ]

If the net result for any assessment year in respect of any source falling under any head of income, other than “Capital gains”, is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from any other source under the same head.

Exceptions :

    1. Loss from speculation business ;

    2. Long-Term Capital Loss ;

    3. Loss from the activity of owning and maintaining race houses ;

    4. Loss can not be set off against winnings from lotteries, crossword puzzles, etc. ;

    5. Loss from sale of Securities.

2.      SET OFF OF LOSS FROM ONE HEAD AGAINST INCOME FROM ANOTHER [Sec. 71]

If the Net Result of the computation under any head of income, other than “Capital gains”, is a loss , the same can be set off against the income from other heads subject to the following exceptions…

    1. Loss from speculation business can not be set off against any other income

    2. Long-Term Capital Loss ; which can only set off against “Capital Gain”.

    3. Loss from the activity of owning and maintaining race houses ; which can not be set off against any other income.

    4. Loss can not be set off against winnings from lotteries, crossword puzzles, etc. ;

    5. Loss from sale of Securities.

    6. Business Loss can not be set off against Salary Income.

3.      CARRY FORWARD AND SET OFF OF LOSS UNDER THE HEAD “INCOME FROM HOUSE PROPERTY”. [ Sec. 71 B ]

Any Loss under the head “Income from house property” cannot be wholly set off against income from any other head. If such Loss can not be set off, then the whole loss shall be carried forward to the following assessment year and—

(i)  be set off against the income from house property for that assessment year; and

(ii)  the loss, if any, which has not been set off wholly shall be carried forward to the following assessment year  not more than (8) eight assessment years immediately succeeding the assessment year for which the loss was first computed.

4.      CARRY FORWARD AND SET OFF OF BUSINESS LOSSES. [ Sec. 72]

The right of carry forward and set off of loss arising in a business or profession is subject to the following restrictions :
1. Loss can be set off only against Business Income :          A loss to the assessee under the head “Profits and gains of business or profession”, and such loss cannot be or is not wholly set off against income under any head of income and he has no income under any other head, the whole loss shall be carried forward to the following assessment year, and—

(i)  it shall be set off against the profits and gains, if any, of any business or profession carried on by him ;

(ii)  if the loss cannot be wholly so set off, the amount of loss not so set  off shall be carried forward to the following assessment year and so on :

2.         Loss can be carried forward for 8 Years :      No loss shall be carried forward under this section for more than eight assessment years immediately succeeding the assessment year for which the loss was first computed.

3.        Return of Loss should be submitted in Time : A Loss can not be carried forward unless it is determined in pursuance of a Return Filed within the time allowed.

5.      LOSSES IN SPECULATION BUSINESS [ Sec. 73]

1. Any loss, computed in respect of a speculation business carried on by the assessee, shall not be set off except against profits and gains of another speculation business.

2. Where for any assessment year any loss computed in respect of a speculation business has not been wholly set off,  the whole loss where the assessee had no income from any other speculation business, shall be carried forward to the following assessment year, and—

(i)  it shall be set off against the profits and gains of any speculation business and

(ii)  The loss which cannot be wholly so set off shall be carried forward to the following assessment year and so  on.

3. No loss shall be carried forward under this section for more than 4 [four] assessment years immediately succeeding the assessment year for which the loss was first computed.

4.Return of Loss should be submitted in Time : A Loss can not be carried forward unless it is determined in pursuance of a Return Filed within the time allowed.

6.      LOSSES UNDER THE HEAD “CAPITAL GAINS” [ Sec. 74 ]

1.   In case of any Loss under the head “Capital gains”, the whole loss shall be carried forward to the following assessment year, and—

(a) Any loss relates to a short-term capital asset shall be set off against income, from “Capital gains”.

(b) Any loss relates to a long-term capital asset shall be set off against income from “Capital gains” assessable for that assessment year in respect of any other capital asset other than a short-term capital asset;

(c) if the loss cannot be wholly so set off shall be carried forward to the following assessment year and so on.]

2. No loss shall be carried forward for more than (8) eight assessment years immediately succeeding the assessment year for which the loss was first computed.

7.      LOSSES FROM CERTAIN SPECIFIED SOURCES FALLING UNDER THE HEAD “INCOME FROM OTHER SOURCES” [ Sec. 74A ]

The amount of loss incurred by the assessee in the activity of owning and maintaining race horses in any assessment year shall not be set off against income from any source other than the activity of owning and maintaining race horses in that year and shall be carried forward to the following assessment year and—

(a)  it shall be set off against the income from the activity of owning and maintaining race horses assessable for that assessment year :

(b)  if the loss cannot be wholly so set off shall be carried forward to the following assessment year and so on; so, however, that no portion of the loss shall be carried forward for more than 4 assessment years immediately succeeding the assessment year.

8.      TABLE SHOWING SET OFF AND CARRY FORWARD OF LOSSES

Head of income under which Loss is incurred

Whether loss can be set off within the same year

Whether Losses can be carried forward and set off in subsequent years.

Time limit for carry forward and set off of losses

 

Under the same head

Under any other Head

Under the same head

Under any other Head

 

1. Income from Salaries

NA

NA

NA

NA

NA

2. Income from House Property

Yes

Yes

Yes

No

8 years

3. Profit and gain from Business or Professions :    

 

 

 

 

 

   a. Non-speculation Business

Yes

Yes

Yes

No

8 years

   b. Speculation Business

Yes

No

Yes

No

8 years

   c. Unabsorbed Depreciation

Yes

Yes

Yes

No

N.A.

   d. Unabsorbed Investment or                 Development allowance.

Yes

Yes

Yes

Yes

8 years

4. Capital Gain (Short-Term)

Yes

No

Yes

No

8 years

5. Capital Gain (Long -Term)

Yes

No

Yes

No

8 years

6. Income from Other Sources:

 

 

 

 

 

   a. Lotteries, Crossword, Puzzle, Card Games, Gambling, or betting of any form.

Yrs

No

No

No

NIL

   b. Loss from activity of owning and maintaining Race Horses

Yes

No

Yes

No

4 Years

   c. Other Income

Yes

Yes

No

No

NIL

 
 
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