Question

Discuss the conditions subject to which bsses are allowed to be set-off in the current
year and carried forward.

Answer 1

Answer:

Set off of losses means adjusting the losses against the profit or income of that particular year. Losses that are not set off against income in the same year can be carried forward to the subsequent years for set off against income of those years. A set-off could be an intra-head set-off or an inter-head set-off.