TuriaToolkit

Loss Set-Off & Carry-Forward StudioSec 70 to 74 & 32(2)

Intra-head, Inter-head ₹2L House Property cap, Speculation ring-fence & Unabsorbed Depreciation

Assessee Profile & Audit Details

Current Year Heads of Income / (Loss)

Use negative for loss

Brought Forward Unabsorbed Losses from Earlier Years

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Statutory & Compliance Disclaimer

This tool is an automated calculation, formatting, and compliance aid provided for informational purposes only. It does not constitute formal legal, taxation, or professional auditing advice. Calculations, citations, and draft documents must be independently verified by a qualified Chartered Accountant (CA) or Company Secretary (CS) against statutory provisions and applicable ICAI/ICSI guidelines before execution or certification.

Post-Set-Off Taxable Base

₹15,00,000

Gross Total Income (GTI) eligible for Chapter VI-A deductions

Unabsorbed Loss Carried:₹3,70,000
Unabsorbed Depr (Indefinite):₹0

Schedule of Net Taxable Income by Head (After Set-Off)

1. Salaries (Sec 15-17)

Subject to House Property & Unabsorbed Depr set-off only

₹15,00,000
2. Income from House Property (Sec 22-27)

Loss capped at ₹2,00,000 against other heads u/s 71(3A)

₹0
3. Profits & Gains of Business/Profession (Sec 28-44)

Excludes speculation business losses ring-fenced u/s 73

₹0
4. Capital Gains (Sec 45-55)

STCL absorbed against LTCG; LTCL carried forward u/s 70(3)

₹0
5. Income from Other Sources (Sec 56-59)

Residual head available for eligible inter-head set-offs

₹0

Unabsorbed Losses Carry-Forward Register (Subsequent AYs)

Loss CategoryAmount Carried ForwardMax Carry-Forward PeriodSet-Off Condition in Future AYs
House Property Loss (Sec 71B)₹1,50,0008 Assessment YearsOnly against House Property Income
Non-Speculation Business Loss (Sec 72)₹1,40,0008 Assessment YearsOnly against Business Profits (ITR filed timely u/s 139(1))
Speculation Business Loss (Sec 73)₹80,0004 Assessment YearsOnly against Speculation Profits
Short-Term Capital Loss (STCL) (Sec 74)₹08 Assessment YearsAgainst both STCG and LTCG
Long-Term Capital Loss (LTCL) (Sec 74)₹08 Assessment YearsStrictly against LTCG only
Unabsorbed Depreciation (Sec 32(2))₹0Indefinite (No Limit)Against any head including Salary

Statutory Set-Off Audit Trail & Statutory Rationale

Intra-Head Adjustments (Sec 70):
  • STCL of ₹1,20,000 set off against LTCG.
  • Speculation loss of ₹80,000 ring-fenced u/s 73. Carried forward.
Inter-Head Adjustments (Sec 71):
  • House property loss of ₹2,00,000 set off against Salary income.
  • Business loss cannot be set off against Salary income u/s 71(2A).
  • Business loss of ₹1,50,000 set off against Other Sources.
  • Business loss of ₹1,30,000 set off against Capital Gains.
  • B/f Business loss of ₹1,30,000 set off against Capital Gains.
  • B/f Unabsorbed Depreciation of ₹1,00,000 set off against Salary u/s 32(2).