we are a 100%EOU company. During the financial year 2006-07, we have unabsorbed depreciation of Rs. 32 Lakh. Interest income for the current year (FY 2006-07) is Rs. 10 Lakh. whether we will be allowed to set off unabsorbed depreciation with interest income?
27 August 2007
From A.Y 2005-06 Unabsorbed depreciation, capital expenditure on scientific research or family planning , can carry forward with no time limit & set off by any income except salary income.
CAclubindia
