Section 75 of ITA, 1961 : Section 75: Losses Of Firms
ITA, 1961
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Explanation using Example
Imagine a firm named XYZ Partners that incurred a financial loss in the year 1991, which was assigned to one of its partners, Mr. A. Mr. A, however, was unable to use this loss to reduce his personal tax liability in the years following 1991 because he had n...
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