Set of carry forward Losses
This query is : Resolved
20 October 2010
Can Business loss or depreciation carry forward losses adjust against income from other sources?
20 October 2010
No, Carry forward Business loss cannot be set-off with any other income head, this can be set-off only with Business income.(sec 72)
However, in first year of loss,i.e., when loss is occured then you can inter head set-off (Sec 71)
Regards!!!
Dinesh S. Adhikari
However, in first year of loss,i.e., when loss is occured then you can inter head set-off (Sec 71)
Regards!!!
Dinesh S. Adhikari
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20 October 2010
Unabsorbed Depreciation can be set off against Business Income or any other head of Income.
For more info on "SET OFF AND CARRY FORWARD OF LOSSES"--See following link---
http://wirc-icai.org/wirc_referencer/Income%20Tax%20&%20Wealth%20Tax/Set%20off%20And%20Carry%20Forward%20of%20Losses.htm
For more info on "SET OFF AND CARRY FORWARD OF LOSSES"--See following link---
http://wirc-icai.org/wirc_referencer/Income%20Tax%20&%20Wealth%20Tax/Set%20off%20And%20Carry%20Forward%20of%20Losses.htm
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20 October 2010
As per section 32(2) of IT Act, the unabsorbed depreciation of earlier years becomes the depreciation of current year, hence that can be set off against income of the current year from any other source.
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