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    Can the taxpayer carry forward the partially adjusted loss for adjustment in the following year if the income of the year in which the loss is incurred is insufficient?

    Answered 25-Nov-2022

    Many times, even after intra- and inter-head adjustments, the loss might still not be taken into account. Such an unadjusted loss may be carried forward to the following year and offset by the income of the succeeding year or years. The Income-tax Law has separate provisions for carrying forward losses under several kinds of income.

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