Section 114 — Set off and carry forward of losses computed in respect of specified business
(1) Any loss, computed in respect of a specified business, referred to in section
46, shall be set off only against profits and gains of another specified business.
(2) Where for any tax year, loss computed in respect of a specified business cannot
be wholly set off under sub-section (1), so much of the loss not so set off or the whole
loss, as the case may be, shall be carried forward to the following tax year and—
( i) be set off against the profits and gains, if any, of any specified business
carried on by him for such tax year; and
( ii) if the loss cannot be wholly so set off, the amount of loss not so set off
shall be carried forward to the following tax year and so on.
Related sections
- Section 108 — Set off of losses under same head of income
- Section 109 — Set off of losses under any other head of income
- Section 110 — Carry forward and set off of loss from house property
- Section 111 — Carry forward and set off of loss from Capital gains
- Section 112 — Carry forward and set off of business loss
- Section 113 — Set off and carry forward of losses computed in respect of speculation business
- Section 115 — Set off and carry forward of losses from specified activity
- Section 116 — Treatment of accumulated losses and unabsorbed depreciation in amalgamation or demerger, etc
- Section 117 — Treatment of accumulated losses and unabsorbed depreciation in scheme of amalgamation in certain cases
- Section 118 — Carry forward and set off of losses and unabsorbed depreciation in business reorganization of co-operative banks
- Section 119 — Carry forward and set off of losses not permissible in certain cases
- Section 120 — No set off of losses against undisclosed income consequent to search, requi-sition and survey
- Section 121 — Submission of return for losses