Unabsorbed depreciation allowance

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2014 WE are private limited company. We have regularly filed income tax returns. We have claimed SET OFF from the unabsorbed loss of P.Y. in the F.Y. 12-13. We have in the SAME financial year (i.e. 12-13) have not claimed depreciation in the computation of income.
Now the question is whether the depreciation for the F,Y, 2012-13 CAN BE taken as unabsorbed depreciation over and above the unabsorbed depreciation of Previous Year; even if the depreciation table is not shown in the computation of that year.
We are following WDV method for calculating depreciation.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 September 2014 ideally you should have provided for the depreication for the current year before setting off past losses..

regardless not claiming depreciation doesnt cause any problem as it is to be anyways provided by the AO (compulsory). However, the net effect will be that, depending upon the profit left after setting off of past losses, the depreciation for the current year would be assumed to be have been claimed and past losses will remain carried forward