we have filed inc. tax return of our client for a.y.10-11 in this month(oct-10)
profit & loss a/c by sales-400000 to pur-300000 to exp-200000 to dep-15000 net loss=115000
my query is since the return has been filed late the business loss cannot be carried forward, so what is the meaning of unabsorbed depreciation and can the dep be carried forward.
03 October 2010
here the profit are less to even absorb the depreciation. the whole amount of dep of rs 15000 is unabsorbed dep & will be carried forward & set off.
CAclubindia
