Short term carry forward.loss

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If you have brought forward losses from a previous tax year, you must set them off against your current year's gains before considering any future tax liabilities. Even if your current year's gains are below the tax exemption limit and result in zero tax, the brought forward losses must still be utilised. This means you cannot skip setting off these losses to preserve them for later years with higher tax obligations.

Rashmi Asija

Rashmi Asija (Querist)
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14 July 2024 I have short term carry forward.loss of 22-23 Rs. 2lakhs.
In 23-24 I have gain 400000 but tax is zero and below exemption limit. Can I skip setting off of carry forward loss and setoff in future years where there is tax