Section 72 of ITA, 1961 : Section 72: Carry Forward And Set Off Of Business Losses
ITA, 1961
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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...
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