Section 73A - Carry forward and set off losses by specified business - Income-tax Act, 1961

Carry forward and set off losses by specified business. 73A. (1) Any loss, computed in respect of any specified business referred to in of section 35AD shall not be set off except against profits and gains, if any, of any other specified business. (2) Where for any assessment year any loss computed in respect of the specified business referred to in sub-section (1) has not been wholly set off under sub-section (1), so much of the loss as is not so set off or the whole loss where the assessee has no income from any other specified business, shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year, and - (i) it shall be set off against the profits and gains, if any, of any specified business carried on by him assessable for that assessment year; and (ii) if the loss can not be wholly so set off, the amount of loss not so setoff shall be carried forward to the following assessment year and so on. *************** Notes 1. Section 73A Inserted vide Finance (No. 2) Act, 2009, w.e.f. 1-4-2010