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Page 1
5.1
LEARNING OUTCOMES
CHAPTER
5
AGGREGATION OF
INCOME, SET-OFF AND
CARRY FORWARD OF
LOSSES
After studying this chapter, you would be able to –
? identify the permissible inter-source and inter-head adjustments;
? identify the restrictions to inter-source and inter-head set-off of
losses;
? comprehend the conditions to be satisfied for carry forward and set-
off of losses under different heads;
? state the maximum period for which different losses can be carried
forward;
? comprehend and arrange the order of set-off of losses;
? apply the above provisions to arrive at the total income of an assessee.
© The Institute of Chartered Accountants of India
Page 2
5.1
LEARNING OUTCOMES
CHAPTER
5
AGGREGATION OF
INCOME, SET-OFF AND
CARRY FORWARD OF
LOSSES
After studying this chapter, you would be able to –
? identify the permissible inter-source and inter-head adjustments;
? identify the restrictions to inter-source and inter-head set-off of
losses;
? comprehend the conditions to be satisfied for carry forward and set-
off of losses under different heads;
? state the maximum period for which different losses can be carried
forward;
? comprehend and arrange the order of set-off of losses;
? apply the above provisions to arrive at the total income of an assessee.
© The Institute of Chartered Accountants of India
Unabsorbed loss from the activity of owning and
maintaining race horses can be carried forward for
maximum 4 AYs for set-off against income from the
activity of owning and maintaining race horses
Exceptions
Loss from
speculative business
Long term capital
loss
Loss from the activity of owning and
maintaining race horses
Exceptions
Loss under the head
“Profits and gains of
business or profession”
cannot be set off
against income under
the head “Salaries”
Loss under the head
“Capital gains” cannot
be set-off against
income under any
other head.
Speculation loss and loss
from the activity of owning
and maintaining race
horses cannot be set-off
against income under any
other head
Unabsorbed loss from house property can be carried
forward for maximum 8 AYs for set-off against income
from house property
Unabsorbed business loss can be carried forward for
maximum 8 AYs for set-off against profits and gains from
business or profession
Unabsorbed loss from speculation business can be
carried forward for maximum 4 AYs for set-off against
income from speculation business
Long-term capital loss can be carried forward for
maximum 8 AYs for set-off against long-term capital gains
Short-term capital loss can be carried forward for
maximum 8 AYs for set-off against capital gains
Set off and Carry forward & Set off of losses under default tax regime under section 115BAC
Inter-source set-off of losses under the same head of income Inter-head adjustment
Carry forward and Set-off of unabsorbed losses
Loss from house
property cannot be
set off against
income under any
other head
Note -
Following brought forward losses/ depreciation is not allowed to be set off while computing total income
under default tax regime under section 115BAC
1. Brought forward loss from self-occupied house property
2. Brought forward business loss of specified business u/s 35AD
3. Brought forward business loss on account of deduction u/s 35(1)(ii)/(iia)/(iii) or u/s 35(2AA)
4. Unabsorbed depreciation attributable to additional depreciation u/s 32(1)(iia).
CHAPTER OVERVIEW
INCOME TAX LAW
5. 2
© The Institute of Chartered Accountants of India
Page 3
5.1
LEARNING OUTCOMES
CHAPTER
5
AGGREGATION OF
INCOME, SET-OFF AND
CARRY FORWARD OF
LOSSES
After studying this chapter, you would be able to –
? identify the permissible inter-source and inter-head adjustments;
? identify the restrictions to inter-source and inter-head set-off of
losses;
? comprehend the conditions to be satisfied for carry forward and set-
off of losses under different heads;
? state the maximum period for which different losses can be carried
forward;
? comprehend and arrange the order of set-off of losses;
? apply the above provisions to arrive at the total income of an assessee.
© The Institute of Chartered Accountants of India
Unabsorbed loss from the activity of owning and
maintaining race horses can be carried forward for
maximum 4 AYs for set-off against income from the
activity of owning and maintaining race horses
Exceptions
Loss from
speculative business
Long term capital
loss
Loss from the activity of owning and
maintaining race horses
Exceptions
Loss under the head
“Profits and gains of
business or profession”
cannot be set off
against income under
the head “Salaries”
Loss under the head
“Capital gains” cannot
be set-off against
income under any
other head.
Speculation loss and loss
from the activity of owning
and maintaining race
horses cannot be set-off
against income under any
other head
Unabsorbed loss from house property can be carried
forward for maximum 8 AYs for set-off against income
from house property
Unabsorbed business loss can be carried forward for
maximum 8 AYs for set-off against profits and gains from
business or profession
Unabsorbed loss from speculation business can be
carried forward for maximum 4 AYs for set-off against
income from speculation business
Long-term capital loss can be carried forward for
maximum 8 AYs for set-off against long-term capital gains
Short-term capital loss can be carried forward for
maximum 8 AYs for set-off against capital gains
Set off and Carry forward & Set off of losses under default tax regime under section 115BAC
Inter-source set-off of losses under the same head of income Inter-head adjustment
Carry forward and Set-off of unabsorbed losses
Loss from house
property cannot be
set off against
income under any
other head
Note -
Following brought forward losses/ depreciation is not allowed to be set off while computing total income
under default tax regime under section 115BAC
1. Brought forward loss from self-occupied house property
2. Brought forward business loss of specified business u/s 35AD
3. Brought forward business loss on account of deduction u/s 35(1)(ii)/(iia)/(iii) or u/s 35(2AA)
4. Unabsorbed depreciation attributable to additional depreciation u/s 32(1)(iia).
CHAPTER OVERVIEW
INCOME TAX LAW
5. 2
© The Institute of Chartered Accountants of India
Exceptions
Loss from
speculative business
Loss from specified business u/s
35AD
Long term capital
loss
Loss from the activity of owning and
maintaining race horses
Exceptions
Loss under the head
“Profits and gains of
business or profession”
cannot be set off
against income under
the head “Salaries”
Loss under the head “Capital
gains” cannot be set-off against
income under any other head.
Speculation loss, loss from
specified business u/s
35AD and loss from the
activity of owning and
maintaining race horses
cannot be set-off against
income under any other
head
Unabsorbed loss from house property can be carried
forward for maximum 8 AYs for set-off against income
from house property
Unabsorbed business loss can be carried forward for
maximum 8 AYs for set-off against profits and gains from
business or profession
Unabsorbed loss from speculation business can be
carried forward for maximum 4 AYs for set-off against
income from speculation business
Unabsorbed loss from specified business under section
35AD can be carried forward for indefinite period for set-
off against profit from any specified business
Long-term capital loss can be carried forward for
maximum 8 AYs for set-off against long-term capital gains
Short-term capital loss can be carried forward for
maximum 8 AYs for set-off against capital gains
Loss from house
property can be set off
against income under
any other head only to
the extent of
` 2 lakhs
Set off and Carry forward & Set off of losses under normal provisions of the Act
Inter-source set-off of losses under the same head of income Inter-head adjustment
Carry forward and Set-off of unabsorbed losses
Unabsorbed loss from the activity of owning and
maintaining race horses can be carried forward for
maximum 4 AYs for set-off against income from the
activity of owning and maintaining race horses
5.
3
AGGREGATION OF INCOME, SET-OFF AND CARRY
FORWARD OF LOSSES
© The Institute of Chartered Accountants of India
Page 4
5.1
LEARNING OUTCOMES
CHAPTER
5
AGGREGATION OF
INCOME, SET-OFF AND
CARRY FORWARD OF
LOSSES
After studying this chapter, you would be able to –
? identify the permissible inter-source and inter-head adjustments;
? identify the restrictions to inter-source and inter-head set-off of
losses;
? comprehend the conditions to be satisfied for carry forward and set-
off of losses under different heads;
? state the maximum period for which different losses can be carried
forward;
? comprehend and arrange the order of set-off of losses;
? apply the above provisions to arrive at the total income of an assessee.
© The Institute of Chartered Accountants of India
Unabsorbed loss from the activity of owning and
maintaining race horses can be carried forward for
maximum 4 AYs for set-off against income from the
activity of owning and maintaining race horses
Exceptions
Loss from
speculative business
Long term capital
loss
Loss from the activity of owning and
maintaining race horses
Exceptions
Loss under the head
“Profits and gains of
business or profession”
cannot be set off
against income under
the head “Salaries”
Loss under the head
“Capital gains” cannot
be set-off against
income under any
other head.
Speculation loss and loss
from the activity of owning
and maintaining race
horses cannot be set-off
against income under any
other head
Unabsorbed loss from house property can be carried
forward for maximum 8 AYs for set-off against income
from house property
Unabsorbed business loss can be carried forward for
maximum 8 AYs for set-off against profits and gains from
business or profession
Unabsorbed loss from speculation business can be
carried forward for maximum 4 AYs for set-off against
income from speculation business
Long-term capital loss can be carried forward for
maximum 8 AYs for set-off against long-term capital gains
Short-term capital loss can be carried forward for
maximum 8 AYs for set-off against capital gains
Set off and Carry forward & Set off of losses under default tax regime under section 115BAC
Inter-source set-off of losses under the same head of income Inter-head adjustment
Carry forward and Set-off of unabsorbed losses
Loss from house
property cannot be
set off against
income under any
other head
Note -
Following brought forward losses/ depreciation is not allowed to be set off while computing total income
under default tax regime under section 115BAC
1. Brought forward loss from self-occupied house property
2. Brought forward business loss of specified business u/s 35AD
3. Brought forward business loss on account of deduction u/s 35(1)(ii)/(iia)/(iii) or u/s 35(2AA)
4. Unabsorbed depreciation attributable to additional depreciation u/s 32(1)(iia).
CHAPTER OVERVIEW
INCOME TAX LAW
5. 2
© The Institute of Chartered Accountants of India
Exceptions
Loss from
speculative business
Loss from specified business u/s
35AD
Long term capital
loss
Loss from the activity of owning and
maintaining race horses
Exceptions
Loss under the head
“Profits and gains of
business or profession”
cannot be set off
against income under
the head “Salaries”
Loss under the head “Capital
gains” cannot be set-off against
income under any other head.
Speculation loss, loss from
specified business u/s
35AD and loss from the
activity of owning and
maintaining race horses
cannot be set-off against
income under any other
head
Unabsorbed loss from house property can be carried
forward for maximum 8 AYs for set-off against income
from house property
Unabsorbed business loss can be carried forward for
maximum 8 AYs for set-off against profits and gains from
business or profession
Unabsorbed loss from speculation business can be
carried forward for maximum 4 AYs for set-off against
income from speculation business
Unabsorbed loss from specified business under section
35AD can be carried forward for indefinite period for set-
off against profit from any specified business
Long-term capital loss can be carried forward for
maximum 8 AYs for set-off against long-term capital gains
Short-term capital loss can be carried forward for
maximum 8 AYs for set-off against capital gains
Loss from house
property can be set off
against income under
any other head only to
the extent of
` 2 lakhs
Set off and Carry forward & Set off of losses under normal provisions of the Act
Inter-source set-off of losses under the same head of income Inter-head adjustment
Carry forward and Set-off of unabsorbed losses
Unabsorbed loss from the activity of owning and
maintaining race horses can be carried forward for
maximum 4 AYs for set-off against income from the
activity of owning and maintaining race horses
5.
3
AGGREGATION OF INCOME, SET-OFF AND CARRY
FORWARD OF LOSSES
© The Institute of Chartered Accountants of India
INCOME TAX LAW
5.4
1. AGGREGATION OF INCOME
In certain cases, some amounts are deemed as income in the hands of the assessee
though they are actually not in the nature of income. These cases are contained in
sections 68, 69, 69A, 69B, 69C and 69D. These are discussed in detail in Chapter 1.
The Assessing Officer may require the assessee to furnish explanation in such cases.
If the assessee does not offer any explanation or the explanation offered by the
assessee is not satisfactory, the amounts referred to in these sections would be
deemed to be the income of the assessee. Such amounts have to be aggregated
with the assessee’s income.
2. CONCEPT OF SET-OFF AND CARRY FORWARD
OF LOSSES
Specific provisions have been made in the Income-tax Act, 1961 for the set-off and
carry forward of losses. In simple words, “Set-off” means adjustment of losses
against the profits from another source/head of income in the same assessment
year. If losses cannot be set-off in the same year due to inadequacy of eligible
profits, then such losses are carried forward to the next assessment year for
adjustment against the eligible profits of that year. The maximum period for which
different losses can be carried forward for set-off has been provided in the Act.
3. INTER SOURCE ADJUSTMENT [SECTION 70]
(i) Inter-source set-off of losses: Under this section, the losses incurred by the
assessee in respect of one source shall be set-off against income from any
other source under the same head of income, since the income under each
head is to be computed by grouping together the net result of the activities
of all the sources covered by that head. In simpler terms, loss from one source
of income can be adjusted against income from another source, both the
sources being under the same head.
Example : Loss from one house property can be set off against the income
from another house property.
© The Institute of Chartered Accountants of India
Page 5
5.1
LEARNING OUTCOMES
CHAPTER
5
AGGREGATION OF
INCOME, SET-OFF AND
CARRY FORWARD OF
LOSSES
After studying this chapter, you would be able to –
? identify the permissible inter-source and inter-head adjustments;
? identify the restrictions to inter-source and inter-head set-off of
losses;
? comprehend the conditions to be satisfied for carry forward and set-
off of losses under different heads;
? state the maximum period for which different losses can be carried
forward;
? comprehend and arrange the order of set-off of losses;
? apply the above provisions to arrive at the total income of an assessee.
© The Institute of Chartered Accountants of India
Unabsorbed loss from the activity of owning and
maintaining race horses can be carried forward for
maximum 4 AYs for set-off against income from the
activity of owning and maintaining race horses
Exceptions
Loss from
speculative business
Long term capital
loss
Loss from the activity of owning and
maintaining race horses
Exceptions
Loss under the head
“Profits and gains of
business or profession”
cannot be set off
against income under
the head “Salaries”
Loss under the head
“Capital gains” cannot
be set-off against
income under any
other head.
Speculation loss and loss
from the activity of owning
and maintaining race
horses cannot be set-off
against income under any
other head
Unabsorbed loss from house property can be carried
forward for maximum 8 AYs for set-off against income
from house property
Unabsorbed business loss can be carried forward for
maximum 8 AYs for set-off against profits and gains from
business or profession
Unabsorbed loss from speculation business can be
carried forward for maximum 4 AYs for set-off against
income from speculation business
Long-term capital loss can be carried forward for
maximum 8 AYs for set-off against long-term capital gains
Short-term capital loss can be carried forward for
maximum 8 AYs for set-off against capital gains
Set off and Carry forward & Set off of losses under default tax regime under section 115BAC
Inter-source set-off of losses under the same head of income Inter-head adjustment
Carry forward and Set-off of unabsorbed losses
Loss from house
property cannot be
set off against
income under any
other head
Note -
Following brought forward losses/ depreciation is not allowed to be set off while computing total income
under default tax regime under section 115BAC
1. Brought forward loss from self-occupied house property
2. Brought forward business loss of specified business u/s 35AD
3. Brought forward business loss on account of deduction u/s 35(1)(ii)/(iia)/(iii) or u/s 35(2AA)
4. Unabsorbed depreciation attributable to additional depreciation u/s 32(1)(iia).
CHAPTER OVERVIEW
INCOME TAX LAW
5. 2
© The Institute of Chartered Accountants of India
Exceptions
Loss from
speculative business
Loss from specified business u/s
35AD
Long term capital
loss
Loss from the activity of owning and
maintaining race horses
Exceptions
Loss under the head
“Profits and gains of
business or profession”
cannot be set off
against income under
the head “Salaries”
Loss under the head “Capital
gains” cannot be set-off against
income under any other head.
Speculation loss, loss from
specified business u/s
35AD and loss from the
activity of owning and
maintaining race horses
cannot be set-off against
income under any other
head
Unabsorbed loss from house property can be carried
forward for maximum 8 AYs for set-off against income
from house property
Unabsorbed business loss can be carried forward for
maximum 8 AYs for set-off against profits and gains from
business or profession
Unabsorbed loss from speculation business can be
carried forward for maximum 4 AYs for set-off against
income from speculation business
Unabsorbed loss from specified business under section
35AD can be carried forward for indefinite period for set-
off against profit from any specified business
Long-term capital loss can be carried forward for
maximum 8 AYs for set-off against long-term capital gains
Short-term capital loss can be carried forward for
maximum 8 AYs for set-off against capital gains
Loss from house
property can be set off
against income under
any other head only to
the extent of
` 2 lakhs
Set off and Carry forward & Set off of losses under normal provisions of the Act
Inter-source set-off of losses under the same head of income Inter-head adjustment
Carry forward and Set-off of unabsorbed losses
Unabsorbed loss from the activity of owning and
maintaining race horses can be carried forward for
maximum 4 AYs for set-off against income from the
activity of owning and maintaining race horses
5.
3
AGGREGATION OF INCOME, SET-OFF AND CARRY
FORWARD OF LOSSES
© The Institute of Chartered Accountants of India
INCOME TAX LAW
5.4
1. AGGREGATION OF INCOME
In certain cases, some amounts are deemed as income in the hands of the assessee
though they are actually not in the nature of income. These cases are contained in
sections 68, 69, 69A, 69B, 69C and 69D. These are discussed in detail in Chapter 1.
The Assessing Officer may require the assessee to furnish explanation in such cases.
If the assessee does not offer any explanation or the explanation offered by the
assessee is not satisfactory, the amounts referred to in these sections would be
deemed to be the income of the assessee. Such amounts have to be aggregated
with the assessee’s income.
2. CONCEPT OF SET-OFF AND CARRY FORWARD
OF LOSSES
Specific provisions have been made in the Income-tax Act, 1961 for the set-off and
carry forward of losses. In simple words, “Set-off” means adjustment of losses
against the profits from another source/head of income in the same assessment
year. If losses cannot be set-off in the same year due to inadequacy of eligible
profits, then such losses are carried forward to the next assessment year for
adjustment against the eligible profits of that year. The maximum period for which
different losses can be carried forward for set-off has been provided in the Act.
3. INTER SOURCE ADJUSTMENT [SECTION 70]
(i) Inter-source set-off of losses: Under this section, the losses incurred by the
assessee in respect of one source shall be set-off against income from any
other source under the same head of income, since the income under each
head is to be computed by grouping together the net result of the activities
of all the sources covered by that head. In simpler terms, loss from one source
of income can be adjusted against income from another source, both the
sources being under the same head.
Example : Loss from one house property can be set off against the income
from another house property.
© The Institute of Chartered Accountants of India
5.5
AGGREGATION OF INCOME, SET-OFF AND CARRY
FORWARD OF LOSSES
Example : Loss from one business, say textiles, can be set off against income
from any other business, say printing, in the same year as both these sources
of income fall under one head of income. Therefore, the loss in one business
may be set-off against the profits from another business in the same year.
(ii) Impermissible inter-source set-off: Inter-source set-off, however, is not
permissible in the following cases -
(a) Long-term capital loss [Section 70(3)]
Short-term capital loss is allowed to be set off against both short-term
capital gain and long-term capital gain. However, long-term capital loss
can be set-off only against long-term capital gain and not against short-
term capital gain.
(b) Speculation loss [Section 73(1)]
A loss in speculation business can be set-off only against the profits of
any other speculation business and not against any other business or
professional income.
However, losses from other business can be adjusted against profits
from speculation business.
(c) Loss from the activity of owning and maintaining race horses
[Section 74A(3)]
Such loss can be set-off only against income from the activity of owning
and maintaining race horses.
(d) Losses from Specified business [Section 73A(1)]
In case of an assessee exercising the option of shifting out of the default
tax regime provided under section 115BAC(1A), loss in any specified
business referred in section 35AD can be set-off only against any other
specified business.
However, losses from other business can be set-off against profits from
specified business.
Loss from an exempt source cannot be set-off against
income from a taxable source of income.
© The Institute of Chartered Accountants of India
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The content of ICAI Notes: Aggregation of Income, Set-off and Carry Forward of Losses is prepared as per the latest CA Intermediate syllabus.
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