03 October 2013
in presumptive income,whether b/f depreciation (u/s 32) is allowed to be adjusted from other income heads..that is other than business/profession ??
03 October 2013
Presumptive income is calculated as if the depreciation has been take into consideration and fully absorbed i.e. no depreciation is allowed to deduct from presumptive income.
so there is no question of absorbed depreciation in case of presumptive income so not allowed to set off from other income.
However the absorbed deprecation of previous year can be set off from presumptive income of current year.
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