Section 72 of ITA, 1961 : Section 72: Carry Forward And Set Off Of Business Losses
ITA, 1961
JavaScript did not load properly
Some content might be missing or broken. Please try disabling content blockers or use a different browser like Chrome, Safari or Firefox.
Explanation using Example
Imagine a scenario where Mr. Sharma runs a manufacturing business and incurs a loss of INR 500,000 in the financial year 2021-22. His other sources of income (like salary or rental income) are not sufficient to set off this business loss. According to Section 72 of the Income-tax Act, 1961, Mr. Sharma can carry forward this loss of INR 500,000 to the next financial year, 2022-23.
In the financial year 2022-23, Mr. Sharma's business makes a pr...
Login to access all pages and read more content.
To disable ads and read rest of the premium content, subscribe to KanoonGPT Pro.
Update: Discover how KanoonGPT revolutionizes legal research! Watch our demo video on the homepage to see how you can chat with various legal sections using our innovative hybrid AI search. Enjoy free unlimited AI access for a limited time!
Update: Our AI tools are cooking — and they are almost ready to serve! Stay hungry — your invite to the table is coming soon.
Law professionals, listen up! If you're a legal professional looking to get "AI-equipped", do not waste ₹6499 on some flashy AI course you saw in ads. Most of them are glorified scams — yes, we said it.
In fact, any online course, certificate program, diploma in International Law, Technology Law, or whatever-new-hype-they-invent is usually just marketing sugarcoat. Don't let them sell you a PDF or Recorded Content and call it empowerment.
A course designed to truly empower you should be accessible — and preferably, free. That's why KanoonGPT will launch a Free AI 101 for Law Professionals course.
Also, quick reality check: Indians earn in INR ₹₹₹ — why on earth are we paying in Dollars $$$ for AI tools ? 🤨 Something doesn't add up.
In fact, any online course, certificate program, diploma in International Law, Technology Law, or whatever-new-hype-they-invent is usually just marketing sugarcoat. Don't let them sell you a PDF or Recorded Content and call it empowerment.
A course designed to truly empower you should be accessible — and preferably, free. That's why KanoonGPT will launch a Free AI 101 for Law Professionals course.
Also, quick reality check: Indians earn in INR ₹₹₹ — why on earth are we paying in Dollars $$$ for AI tools ? 🤨 Something doesn't add up.