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Set off or Carry Forward and Set off of Losses [Sections 70 to 80]

1. Set off or Carry Forward and Set off of Losses [Sections 70 to 80]

2. Carry Forward and Set Off of Loss from House Property [Section 71B]

3. Carry Forward and Set off of Business Losses other than Speculation Loss (Section 72)

  1. Loss can be Set Off only against Business Income :

  2. Losses can be Set Off only by the Assessee who has incurred Loss [Section 78(2)]

  3. Business Loss can be Carried Forward for 8 Years

  4. Return of Loss should be Submitted in Time (Section 80) for Carry Forward and Set Off of Business Loss

  5. Continuity of Business Not Necessary for Carry Forward and Set Off of Business Loss

  6. Carry Foward of Unabsorbed Depreciation , Capital Expenditure on Scientific Research and Family Planning Expenditure

4. Carry Forward and Set-Off of the Accumulated Business Losses and Unabsorbed Depreciation Allowance in Amalgamation or Demerger, etc. (Section 72A)

1. Carry Forward of Business Loss and Unabsorbed Depreciation as per Section 72A

2. Provisions relating to Carry Forward and Set Off of Accumulated Losses and Unabsorbed Depreciation Allowance in Business Reorganization of Co-Operative Banks [Section 72AB]

5. Carry Forward and Set off of Speculation Loss (Section 73)

  1. (Explanation to Section 73) : Companies carrying on Business of Buying and Selling Shares.

  2. Speculatative Loss can be Set Off only against Speculative Income (Section 73)

  3. Speculative Loss can be carried forward for 4 years.

  4. Continuity of Business Not necessary for Carry forward and Set Off of Speculation Loss

  5. Return of Loss should be Submitted in Time (Section 80) for Carry Forward and Set Off of Speculation Loss

  6. Other Points towards Carry Forward and Set Off of Speculation Loss

6. Carry Forward and Set-Off of Loss from activity of Owning and Maintaining Race Horses (Section 74A)


7. Carry Forward and Set-Off of Capital Loss under the head 'Capital Gains' (Section 74)


8. Carry Forward and Set off of Loss of a 'Specified Business' referree in Section 45AD (Section 73A)




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