Question

4. Explain the concept of Block of Assets. Also, explain the provisions applicable to set off and

carry forward and set off of unabsorbed depreciation and non-speculative business losses.​

Answer 1

Answer:

Profit and losses are two sides of a coin. Losses, of course, are hard to digest. However, the Income-tax law in India does provide taxpayers some benefits of incurring losses too. The law contains provisions for set-off and carry forward of losses which are discussed in detail in this article.