Allowability and Rule of Carry Forward and Set off Of Losses Under Income Tax Law

This edition of Allowability & Rules of Carry Forward & Set Off of Losses under Income Tax Law, authored by Ram Dutt Sharma, serves as a detailed and practical reference for understanding the statutory provisions, conditions, and procedural rules governing the carry forward and set-off of losses under the Income Tax Act, 1961. It incorporates the latest legislative updates, judicial interpretations, and CBDT clarifications to provide a complete compliance roadmap for taxpayers and professionals.

The book presents the law in a clear, structured, and practice-oriented manner, covering the interplay of various provisions, timelines, and eligibility conditions. It also includes relevant case law to illustrate the practical application of these provisions in real-life scenarios.

The content covers the full scope of carry forward and set-off provisions, including:

• Classification of losses – business, speculation, capital, house property, and others

• Conditions for set-off of current year losses against other heads of income

• Rules for carry forward of unabsorbed losses and allowances

• Inter-head and intra-head set-off provisions under the Act

• Time limits and procedural compliance for claiming carry forward

• Treatment of unabsorbed depreciation and investment allowance

• Set-off restrictions in cases of change in constitution or ownership

• Provisions for amalgamations, demergers, and reorganization of companies

• CBDT circulars and instructions on carry forward and set-off rules

• Landmark judicial rulings interpreting these provisions

• Compliance checklists and illustrative examples

This edition is particularly suitable for:

• Chartered accountants, tax practitioners, and corporate finance professionals

• Businesses and corporate taxpayers managing loss adjustments

• Law students and academicians specialising in tax law

• Taxpayers seeking clarity on compliance for loss set-off and carry forward

Whether for professional practice, corporate compliance, or academic study, this updated edition offers an authoritative and comprehensive guide to mastering the provisions on carry forward and set-off of losses under the Income Tax Act, 1961.