SETOFF AND CARRY FORWARD OF PROBLEMS

AS THERE IS A PROVISION IN INCOME TAX TO SETOFF THE LOSSES ALONG WITH OTHER LOSSES AND IF SETOFF IS EXHAUSTED THERE IS A PROVISION OF CARRY FORWARD i.e, LOSSES ARE ALLOWED TO BE SETOFF AGAINST OTHER LOSSES AND THEN CARRY FORWARD IN SUBSEQUENT YEARS SUBJECT TO SUCH CONDITIONS AS MAY BE PRESCRIBED IN THEIR SECTIONS. IN THE SAME WAY, THERE WOULD HAVE BEEN SUCH A PROVISION IN OUR LIFE THAT WE WOULD HAVE BEEN ABLE TO SET OFF AND ONCE THIS BENEFIT WAS OVER OR THE TIME LIMIT WAS EXHAUSTED HAVE TO CARRY FORWARD THE PROBLEMS FOR THE FUTURE YEARS.