hi, I understand that salaried employees can switch between new and old regime tax slab every year.
suppose if a person
opts in new tax regime in first year n doesn't claim carry forward losses of earlier years
in the next year if he opts out of new regime and chooses old regime can we claim the carry forward loss of old years?
basically what happens to cf losses when shifting from old to new and new to old
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Carry forward losses if shifting between new and old tax regime
Replies (2)
Quick Summary
As on today its not clear from the Revenue, but it seems the carry forward losses of HP of earlier years will be allowed to be set off, whenever assesse opts back to old regime. While for business losses, it may not be allowed,
Thank you for the prompt reply.. really appreciate it
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