State the Rules relating to set off and carry forward of losses.

 

Issue:

1. Whether it is apply Section 70 to 80 of the Income Tax Act, 1961? YES

Rule:

Section 70 to 80 of the Income Tax Act, 1961.

Application:

This problem is related to the Set off, or carry forward and set off

Section 70:

Set off of loss from one source against income from another source under the same head of income.

Section 71:

Set off of loss from one head against income from another

Section 71A:

Transitional provisions for set off of loss under the head income from house property

Section 71B:

Carry forward and set off of loss from house property

Section 72:

Carry forward and set off of business losses

Section 72A:

Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, Etc.

Section 72AA:

Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in scheme of amalgamation of Banking Company in certain cases

Section 72AB:

Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in business reorganization of cooperative banks

Section 73

Losses in speculation business

Section 73A:

Carry forward and set off losses by specified business

Section 74:

Losses under the  head Capital gains

Section 74A:

Losses from certain specified sources falling under the head Income from other sources

Section 75:

Losses of firms

Section 76:

Omitted by the Finance Act, 1992 w.e.f 1.4.1993

Section 77:

Omitted by the Finance Act, 1992 w.e.f 1.4.1993

Section 78:

Carry forward and set off of losses in case of change in Constitution of firm or on succession

Section 79:

Carry forward and set off of losses in the case of certain companies

Section 80:

Submission of return for losses

Conclusion:

Refer the Section 70 to 80 of the Income Tax Act, 1961 for the Rules relating to set off and carry forward of losses.

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