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What is Set Off and Carry Forward of Losses about?

- Set-off means adjusting losses from one source/head of income against profits from another source/head in the same assessment year. Losses that cannot be set-off can be carried forward to the next year. - Losses can generally be set-off intra-head (within the same head) and inter-head (across heads). However, some losses like long-term capital and speculation losses can only be set-off intra-source. - Losses can be carried forward for a maximum of 8 years except for speculation losses (4 years) and lo

Author

Rohansh Arora

Language

EN