03 August 2010
as per sec 73A any loss computed in respect of any specified bussiness referred to in section 35AD shall be set off only against profits n gains of any specified business.....but what is the time limit of this set off or carry forward?
03 August 2010
Finance (No.2) Act ,2009 has inserted this section w.e.f 01/04/2010. Section 73A(2) has a restriction ie., subject to the other provisions of this chapter. Hence,as per my understanding, section 72(3) can be applied which means maximum carry forward period is 8 years.
It states if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on and subject to other provisions of the chapter which would be eight years only.