§121

Section 121 — Submission of return for losses

Income-tax Act, 2025 (amended upto 2026)

In plain terms: This section says that a loss can be carried forward only if it was determined in a return filed under section 263(1) (within the due date). A loss in a return filed late cannot be carried forward under sections 111 to 115.

Irrespective of anything contained in this Chapter, no loss which has not been determined in pursuance of a return filed under section 263(1), shall be carried forward and set off under section 111(1) or 112(1) or 113(2) or 114(2) or 115(2).