Insertion of new section 73A
Section 28 of the Finance Act, 2009 deals with insertion of new section 73A. Insertion of new section 73A. 28. After section 73 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2010, namely :— "73A.
Insertion of new section 73A.
28. After section 73 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2010, namely :—
"73A. Carry forward and set off of losses by specified business.—(1) Any loss, computed in respect of any specified business referred to in section 35AD shall not be set off except against profits and gains, if any, of any other specified business.
(2) Where for any assessment year any loss computed in respect of the specified business referred to in sub-section (1) has not been wholly set off under sub-section (1), so much of the loss as is not so set off or the whole loss where the assessee has no income from any other specified business, shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year, and—
(i) it shall be set off against the profits and gains, if any, of any specified business carried on by him assessable for that assessment year; and
(ii) if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on.".
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Section 28, The Finance Act, 2009.
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Questions about Section 28
What does Section 28 of the Finance Act deal with?
Section 28 of the Finance Act is headed "Insertion of new section 73A". Insertion of new section 73A. 28. After section 73 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2010, namely :— "73A.
How do I find court cases under Section 28 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2009 28, section 28 Finance Act 2009, section 28 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 28 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 73 (Losses in speculation business), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2009. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- 102120000000010168. THE FIRST SCHEDULE7194 words
- 2. Income-tax2915 words
- 13. Insertion of new section 35AD1148 words
- 61. Substitution of new section for section 194C936 words
- 37. Amendment of section 80-IB761 words
- 56. Insertion of new section 144C751 words
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