SET OFF CARRY FORWARD OF LOSSES IN INCOME TAX INDIA

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Set off of losses and carry forward of losses is tedious subject for taxpayers and mostly confusing but with the help of chart given below,it is very easy to understand all the heads ,inter heads adjustment in very easy manner.In this chart adjustment in the previous year and adjustment in next year if possible has been shown. Hope it would be helpful to you to under stand the set off and carry forward concept easily.
CARRY FORWARD & SET -OFF OF LOSSES:
Set-off
During the year
Carry Forward & Set - off Next year(s)

Same
Head
Another head
Against
C/F
Years
Agst Profits From
Yes
Yes
-
Yes
8 years
same head
2. Speculation Business
Yes
No
From Speculation
Profits
Yes
4 years
Same/ another
Speculation Business
Unabsorbed  Depreciation  / Cap Exp on SR/FP
Yes
Yes
any
income
Yes
No limit
any income
(other than salary)
Non-speculative Business or Profession
Yes
Yes (except salary)
Yes
8 years
same head
3. Long Term Capital Losses
Yes
No
LTCG
Yes
8 years
LTCG
Short Term Capital Losses
Yes
No
STCG/LTCG
Yes
8 years
STCG/LTCG
4. Owning / Maintaining race horses
Yes
No
same item
Yes
4 years
same item
5. Income from Other Sources (except if exempt)
Yes
Yes
NA
No
NA
NA
6. Specified Business u/s 35AD
Yes
No
Specified Business
Profits
Yes
No Limit

$show=index

Name

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