Unabsorbed depreciation
This query is : Resolved
30 December 2011
Brought forward unabsorbed depreciation assessment year 2006-2007 can be set off against (current) income from other source assessment year 2011-2012?
30 December 2011
yes it can be except from salary income
31 December 2011
Mr. Vipul, a slight correction. Unabsorbed depreciation can be set off even against salary income. Unabsorbed depreciation can be set off against ANY INCOME.
This is because unabsorbed depreciation is NOT business loss.
It is governed by Section 32 and NOT Section 71 or Section 72.
So unabsorbed depreciation can be carried forward indefinately and can be set off against ANY income, INCLUDING SALARY INCOME.
This is because unabsorbed depreciation is NOT business loss.
It is governed by Section 32 and NOT Section 71 or Section 72.
So unabsorbed depreciation can be carried forward indefinately and can be set off against ANY income, INCLUDING SALARY INCOME.
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
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- TDS NUMBER SURRENDER
- Gst Sales of FY 2023-24
- Offsetting interest income against derivative trading losses
- Application of 115BAC
- Legal heir raised refund , but refund issued to the closed account of deceased.
- RCM - commercial rent paid to URP under GST
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- 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
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
