Aggregation of Income and Set-off or Carry Forward of Losses – CS Executive Tax Laws MCQs

The loss from the activity of owning and maintaining race horses is eligible for carrying forward and set off for a maximum period of:

Short term capital loss can be setoff as per provisions of section 72 of the Income-tax Act, 1961 from:

Business loss can be set off from income of any other business but cannot be set off from:

The benefit of carrying forward and set-off of losses under section 79 of Income-tax Act, 1961, by a closely held Indian company which is a subsidiary of a foreign company as a result of amalgamation or demerger, is subject to the condition that specified percentage of the shareholders of the amalgamating or demerged foreign company continues to be the shareholders of the amalgamated or the resulting foreign company which is:

The loss computed under the head “Income from house property” can be set off by Intra head adjustment during the same year from:

Anand, a resident individual having computed for the previous year 1st April 2020 to 31st March 2021 his business loss at ₹ 60,000, short term capital gain on sale of gold of ₹ 40,000 long term capital gain on sale of house property of ₹ 3,60,000.

The loss derived from house property can be set off during the year against:

In which case a partnership firm is not entitled to carry forward and set off so much of the losses proportionate to the share of a retired or deceased person exceeding his/her share of profits, if any, in the firm in respect of the previous year:

Speculation loss can be carried forward for subsequent assessment years.

Rohan engaged in multifarious activities reports the following:

A company has the following:

Mr. Siddharth is employed in a company. His income under various heads are

When an assessee has lost from house property, it is eligible for carrying forward for the subsequent assessment years.

A Co. Ltd. has business loss and unabsorbed depreciation of ₹ 10 Crore. B Co. Ltd is a profit-making company. B Co. Ltd. wanted to acquire A Co.

Mathur Storage (P) Ltd. engaged in chain cold storage has brought forward business loss of ₹ 12 lakhs relating to the assessment year 2020-2021. During the previous year2020-2021, its income from the said business is ₹ 9 lakhs. It also has profited from trade in food grains of ₹ 6 lakhs.

Mr. Hussey for the previous year has:

Mr. Shahu has lost from house property of ₹ 1,10,000 (computed) for the assessment year 2021-22. He can carry forward such loss for subsequent assessment years.

Loss from speculation business can be set off against

The amount of depreciation not absorbed in the same year can be carried forward

No loss can be set off against

Loss from speculation business is eligible for carrying forward for a period of

Unabsorbed loss from house property can be carried forward for

Biren discontinued wholesale trade in medicines from 1st July 2017. He recovered ₹ 1,50,000 in October 2020 being a bad debt that was written-off and allowed in the assessment year 20182019. He has eligibly brought forward business loss of wholesale trade in medicines of ₹ 1,70,000.

To carry forward and set off losses, a loss return must be filed by the assessee within the stipulated time and gets the loss determined by the Assessing Officer. However, this condition is not applicable to

Which of the following losses available after inter source set-off, cannot be set-off from incomes in other heads in the same assessment year

A partnership firm with 4 equal partners brought forward depreciation of ₹ 3 lakhs and business loss of ₹ 3 lakhs relating to AY 2019-2020. On 1st April 2020, two partners retired.

If a person is eligible to claim:

Loss from the activity of owning and maintaining race horses could be set-off

If an individual, having a sales turnover of ₹ 60 lakhs files his return of income for the AY 2021 -22 after the due date, showing unabsorbed business loss of ₹ 23,000 and unabsorbed depreciation of ₹ 45,000, he can carry forward to the subsequent assessment years