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Start Free TrialIncome Tax Act, 1961 Chapter VI
Title: Aggregation of Income and Set off or Carry Forward of Loss
State: Central
Year: 1961
.....or amalgamation or demerger had not taken place.] 5[(aa) industrial undertaking means any undertaking which is engaged in - (i) the manufacture or processing of goods; or (ii) the manufacture of computer software; or (iii) the business of generation or distribution of electricity or any other form of power; or 6[(iiia) the business of providing telecommunication services, whether basic or cellular, including radio paging, domestic satellite service, network of trunking, broadband network and internet services; or] (iv) mining; or (v) the construction of ships, aircrafts or rail systems; ] 10[(b) "unabsorbed depreciation" means so much of the allowance for depreciation of the predecessor firm or the proprietary concern or the private company or unlisted public company before conversion into limited liability partnership or the amalgamating company or the demerged company, as the case may be, which remains to be allowed and which would have been allowed to the predecessor firm or the proprietary concern or the company or amalgamating company or demerged company, as the case may be, under the provisions of this Act, if the reorganisation of business or.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 72A
Title: Provisions Relating to Carry Forward and Set off of Accumulated Loss and Unabsorbed Depreciation Allowance in Amalgamation or Demerger, Etc.
State: Central
Year: 1961
.....company or to ensure that the amalgamation is for genuine business purpose. 4. See rule 9C and Form No. 62. For analysis, see Mashbra's Income-tax Rules. 5. Inserted by the Finance Act, 2001, with retrospective effect from 1st April, 2000. 6. Inserted by the Finance Act, 2002, with effect from 1st April, 2003. 7. Inserted by the Finance Act, 2003, with effect from 1st April, 2004. 8. Inserted by the Finance Act, 2010 w.e.f. 01.04.2011. 9. Substituted by the Finance Act, 2010 w.e.f. 01.04.2011 for the following:"(a) accumulated loss means so much of the loss of the predecessor firm or the proprietary concern or the amalgamating company or the demerged company, as the case may be, under the head Profits and gains of business or profession (not being a loss sustained in a speculation business) which such predecessor firm or the proprietary concern or amalgamating company or demerged company, would have been entitled to carry forward and set-off under the provisions of section 72 if the reorganisation of business or amalgamation or demerger had not taken place;" 10. Substituted by the Finance Act, 2010 w.e.f. 01.04.2011 for the following: "(b) unabsorbed depreciation.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 71
Title: Set off of Loss from One Head Against Income from Another
State: Central
Year: 1961
.....year, the net result of the computation under the head Capital gains is a loss and the assessee has income assessable under any other head of income, the assessee shall not be entitled to have such loss set-off against income under the other head. (4) Where the net result of the computation under the head Income from house property is a loss, in respect of the assessment years commencing on the 1st day of April, 1995 and the 1st day of April, 1996, such loss shall be first set-off under sub-sections (1) and (2) and thereafter the loss referred to in section 71A shall be set-off in the relevant assessment year in accordance with the provisions of that section. ______________________________ 1. Inserted by the Finance (No. 2) Act, 2004, with effect from 1st April, 2005.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 72AB
Title: Provisions Relating to Carry Forward and Set off of Accumulated Loss and Unabsorbed Depreciation Allowance in Business Reorganisation of Co-operative Banks
State: Central
Year: 1961
.....years for the purposes of set off and carry forward of loss and allowance for depreciation. (6) In a case where the conditions specified in sub-section (2) or notified under sub-section (4) are not complied with, the set off of accumulated loss or unabsorbed depreciation allowed in any previous year to the successor co-operative bank shall be deemed to be the income of the successor cooperative bank chargeable to tax for the year in which the conditions are not complied with. (7) For the purposes of this section, - (a) accumulated loss means so much of loss of the amalgamating cooperative bank or the demerged co-operative bank, as the case may be, under the head Profits and gains of business or profession (not being a loss sustained in a speculation business) which such amalgamating co-operative bank or the demerged co-operative bank, would have been entitled to carry forward and set-off under the provisions of section 72 as if the business reorganisation had not taken place; (b) unabsorbed depreciation means so much of the allowance for depreciation of the amalgamating co-operative bank or the demerged co-operative bank, as the case may be, which remains to be allowed.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 73A
Title: Carry Forward and Set off of Losses by Specified Business
State: Central
Year: 1961
1[(1) Any loss, computed in respect of any specified business referred to in section 35AD shall not be set off except against profits and gains, if any, of any other specified business. (2) Where for any assessment year any loss computed in respect of the specified business referred to in sub-section (1) has not been wholly set off under subsection (1), so much of the loss as is not so set off or the whole loss where the assessee has no income from any other specified business, shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year, and - (i) it shall be set off against the profits and gains, if any, of any specified business carried on by him assessable for that assessment year; and (ii) if the loss can not 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.] ________________________________________ 1. Inserted by the Finance (No. 2) Act, 2009, with effect from 1st April, 2010.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 70
Title: Set off of Loss from One Source Against Income from Another Source Under the Same Head of Income
State: Central
Year: 1961
.....to 55 in respect of any capital asset (other than a short-term capital asset) is a loss, the assessee shall be entitled to have the amount of such loss set-off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset not being a short-term capital asset.] ____________________________ 1. Substituted by the Finance Act, 2002, with effect from 1st April, 2003. Prior to substitution, section 70 stood as under: 70. Set-off of loss from one source against income from another source under the same head of income. Save as otherwise provided in this Act, where the net result for any assessment year in respect of any source falling under any head of income 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.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 71B
Title: Carry Forward and Set off of Loss from House Property
State: Central
Year: 1961
1[Where for any assessment year the net result of computation under the head Income from house property is a loss to the assessee and such loss cannot be or is not wholly set-off against income from any other head of income in accordance with the provisions of section 71, so much of the loss as has not been so set-off or where he has no income under any other head, the whole loss shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year and - (i) be set-off against the income from house property assessable for that assessment year, and (ii) the loss, if any, which has not been set-off wholly, the amount of loss not so set-off shall be carried forward to the following assessment year, not being more than eight assessment years immediately succeeding the assessment year for which the loss was first computed.] _________________________ 1. Inserted by the Finance (No. 2) Act, 1998, with effect from 1st April, 1999.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 72
Title: Carry Forward and Set off of Business Losses
State: Central
Year: 1961
.....loss not so setoff shall, in case the business so re-established, reconstructed or revived continues to be carried on by the assessee, be carried forward to the following assessment year and so on for seven assessment years immediately succeeding. (2) Where any allowance or part thereof is, under sub-section (2) of section 32 or sub-section (4) of section 35, to be carried forward, effect shall first be given to the provisions of this section. (3) No loss (other than the loss referred to in the proviso to sub-section (1) of this section) 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. ______________________________ 1. Prior to omission, proviso to clause (i) stood as under: Provided that the business or profession for which the loss was originally computed continued to be carried on by him in the previous year relevant for that assessment year;
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 288B
Title: Rounding off of Tax, Etc.
State: Central
Year: 1961
.....of ten, then, if the last figure in that amount is five or more, the amount shall be increased to the next higher amount which is a multiple of ten and if the last figure is less than five the amount shall be reduced to the next lower amount which is a multiple of ten.] _______________________________ 1. Substituted by the Taxation Laws (Amendment) Act, 2006, with effect from 13th July, 2006. Prior to substitution, section 288B stood as under: "288B. Rounding off of tax, etc. - The amount of tax (including tax deductible at source or payable in advance), interest, penalty, fine or any other sum payable, and the amount of refund due, under the provisions of this Act shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paise then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise it shall be ignored."
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 288A
Title: Rounding off of Income
State: Central
Year: 1961
The amount of total income computed in accordance with the foregoing provisions of this Act shall be rounded off to the nearest multiple of ten rupees and for this purpose any part of a rupee consisting of paise shall be ignored and thereafter if such amount is not a multiple of ten, then, if the last figure in that amount is five or more, the amount shall be increased to the next higher amount which is a multiple of ten and if the last figure is less than five, the amount shall be reduced to the next lower amount which is a multiple of ten ; and the amount so rounded off shall be deemed to be the total income of the assessee for the purposes of this Act.
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