Section 80 of Income Tax Act for AY 2023-24

Notes on section 80 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Submission of return for losses.

Amended and updated notes on section 80 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to submission of return for losses.

Chapter VI (Sections 66 to 80) of the Income Tax Act 1961 deals with the provisions related to aggregation of income and set off or carry forward of loss. Section 80 of IT Act 1961-2023 provides for submission of return for losses.

Recently, we have discussed in detail section 79 (carry forward and set off of losses in case of certain companies) of IT Act 1961. Today, we learn the provisions of section 80 of Income-tax Act 1961. The amended provision of section 80 is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 80 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.

Section-80: Submission of return for losses

Notwithstanding anything contained in this Chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of section 139, shall be carried forward and set off under sub-section (1) of section 72 or sub-section (2) of section 73 or sub-section (2) of section 73A or sub-section (1) or sub-section (3) of section 74 or sub-section (3) of section 74A.


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