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as per income tax act depreciation can a c/f loss in itrs

Ankit Jain (Student) (248 Points)

26 September 2008

how to set of the previous year dep. loss for a company

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9 Replies

vijaykumar (Student) (49 Points)
Replied 26 September 2008

Previous year depreciation loss can be setoff aganist current year profit from the business even if the return filed belated

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CA Ravish Trivedi (The Possibilities are Infinite...) (772 Points)
Replied 27 September 2008

Depreciation to the extent not set off shall be carried forward till indifinite period and shall be set off against

1. Profit and gains of any business or profession carried on by the assessee and the balance if any against the income uher any head of income .

2. Priority of set off :

a.Current Year depreciation

b.Brought forward business losses

c.Brought forward depreciation.

Depreciation can be carried forward only if the assessee is the same subject to certain exemption .

depreciation shall be carried forward even return is belated.

(Guest)

Depreciation Chart as per income tax

(Guest)

Sir,

As per Income Tax Act revised return can be filed within one year from the expiry of relevant assessement year or before completion of assessement order

I have filed original return on 25-09-07 electronically for the assessement year 07-08, I have filed revised return on 16-10-08 electronically in that I have written acknowledgement no. of original return filed.

Both the returns are without digital signature. So after signature original return was filed in Income tax department.

But as the signatory was out of station, the signature on revised return could not be obtained, so duly signed revised return with income tax department could not be filed within 15 days. Now 15 days has been over.

So please guide me now

1.) Whether can I now again generate revised return electronically

2.) If again revised return filed then whether original return and also revised returned which was filed on 16-10-08 will be automatically get overwrite

3.) Now which acknowledgement no. I have write while filing revised return

Juzer Sadikot (CA - innovative solutions for Imports and Exports) (1309 Points)
Replied 07 November 2008

Dear Harsh

Below opinion is on understanding that you have file your original ITR with in due date

You are require to file physically, the revised return electronically file on 16-10-08 duly signed to Income Tax Department irrespective of 15 days post filing period and the time limit will be 31-03-09.

If you are not able to file ITR-V (E-filing acknowledgement) with in 15 days then the date of filing will be the date of filing of ITR-V with department and not date on which ITR is electronically filed.

Regards

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Dinesh Shrimali (Profession) (20 Points)
Replied 17 November 2008

Please specify the items eligible for Dep. @ 60% i.e. Computer, Software apart from above is' Printer, Modem,UPS, Projector, Epabx, Router and installation cahrges of internet connection and copmuter are eligible for the same rate of Dep. i.e. 60%.

CA Ravish Trivedi (The Possibilities are Infinite...) (772 Points)
Replied 20 November 2008

Only Computers and computer software will be allowed @ 60% depreciation rest items mentioned shall be depreciable @ 15%.

A S SHANMUGASUNDARAM (TAX CONSULTANT) (28 Points)
Replied 30 November 2008

a) Diesel Generator: Is it classified as Renewable energy device? If so is it eligible for higher rate of depreciation for the asst year 2008-2009 ie 80%

b) Partner claims depreciation on Motor car used by him for the purpose of busines: ie he is a partner in three firms and derives income from business. He has no individual business. can he claim depreciation on car figured in his books? Is there any case law in favour of the assessee? Please quote.

(Guest)

Originally posted by :Juzer
"	Dear Harsh Below opinion is on understanding that you have file your original ITR with in due date You are require to file physically, the revised return electronically file on 16-10-08 duly signed to Income Tax Department irrespective of 15 days post filing period and the time limit will be 31-03-09. If you are not able to file ITR-V (E-filing acknowledgement) with in 15 days then the date of filing will be the date of filing of ITR-V with department and not date on which ITR is electronically filed. Regards	"