Carry Forward Provisions

Carry forward provisions allow taxpayers to apply their unused tax benefits, such as deductions or credits, from one year to future years. This means if you don’t fully utilize certain deductions or credits in the current year, you can 'carry them forward' to reduce your tax liability in upcoming years, subject to specific rules and time limits. These provisions help optimize tax planning by ensuring these benefits are not lost if they can't be fully used immediately.