Managing losses is a crucial aspect of optimizing tax liability for individuals as well as businesses. The Income Tax Act, 1961, provides provisions that allow taxpayers in India to set off losses against the gains and carry them forward to subsequent years. As the financial year 2023-24 approaches, it is essential to understand these regulations to make well-informed financial decisions. This article delves into the intricacies of set-off and carry forward of losses in India for the FY 2023-24.
