ITR 5 shedule CFL

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SHEEJITH (Querist)
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13 July 2007 In schedule CFL of ITR 5 broght forward loss can be shown from the assessment year 1999-00 only. But if there is brought forward depreciation loss prior to the assessment year 1999-00 where it should be shown ?

CA Nikita

CA Nikita (Expert)
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13 July 2007 What i would suggest is since brought Fwd business loss can be c/f for only eight yrs and depreciation can be c/f indefinitely so...accumulated unabsorbed dpreciation can be put in the last accounting year.. and as and when the forms will be updated we'll this lapse rectified .. doing this will atleast give us a less risky position for the coming eight years .... If this tact appeals you too...