Compnies act and
This query is : Resolved
07 September 2009
As per sec. 115jb of the inocme tax act Unabsorbed depreciation or busioness loss can be deducted to arrive at the profit for the purpose of MAT. My qusetion is how to arrive at unabsorbed deprecation.
For example - A company stareted in 2006 made a loss of 1,00,000 which includes unabsorbed depreciation of Rs. 30,000
In 2007 the company made a profit of say Rs. 45,000 with out setting off previous years losses.
Now what will be my unabsorbed deprecation balance for the year 2007
In short which should be set off first unabsorbed depreciation or business loss???
For example - A company stareted in 2006 made a loss of 1,00,000 which includes unabsorbed depreciation of Rs. 30,000
In 2007 the company made a profit of say Rs. 45,000 with out setting off previous years losses.
Now what will be my unabsorbed deprecation balance for the year 2007
In short which should be set off first unabsorbed depreciation or business loss???
07 September 2009
For the purpose of book profit calculation u/s 115JB, the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account (for this purpose the loss shall not include depreciation) shall be allowed to be deducted from the Net Profit.
As per the facts given by you, unabsorbed depreciation is Rs.30000 and loss brought forward is Rs.70000 (Rs.100000-Rs.30000).
Therefore, while calculating book profit u/s 115JB for the year 2007 Rs.30000 (unabsorbed depreciation) shall be allowed to be deducted.
As per the facts given by you, unabsorbed depreciation is Rs.30000 and loss brought forward is Rs.70000 (Rs.100000-Rs.30000).
Therefore, while calculating book profit u/s 115JB for the year 2007 Rs.30000 (unabsorbed depreciation) shall be allowed to be deducted.
07 September 2009
I am sorry ,but kindly read my query completely. My qusetion s what will be the unabsorbed depreciation as per companies act as on 31.03.2007
20 September 2009
unabsorbed depreciation as per companies act as on 31.03.2007 will be NIL...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- Confusion around Form 26QB fields
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
