Current Year Loss

Tax Glossary Definition

Current Year Loss

A current year loss refers to the loss incurred by a taxpayer during the same financial year in which it arises. Such losses can often be set off against income under other heads as per the Income Tax Act, reducing the taxable income for that year.

Example: A business loss incurred in the current financial year can be set off against capital gains or other income, subject to the set-off rules under the Income Tax Act.

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