Section 121 — Submission of return for carry forward of loss
Old Act equivalent: Section 80 of IT Act 1961 Sub-part: Set off, or carry forward and set off of losses
Statutory Text
- Irrespective of anything contained in this Chapter, no loss which has not been determined in pursuance of a return filed under section 263(1), shall be carried forward and set off under section 111(1) or 112(1) or 113(2) or 114(2) or 115(2). CHAPTER VIII DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME A.—General Deductions to be made in computing total income.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: All assessees seeking to carry forward losses
- Conditions: Return of income must have been filed for the year of loss
- Time limits: Return must be filed to claim carry forward
- Monetary limits: No specific monetary limit
- Exceptions: Loss from house property (section 110) and unabsorbed depreciation are exempt from this requirement
Cross-References
- Section 111
- Section 263
Amendment Notes
None noted from the extracted pages.