| Originally posted by : Ghanshyam Joshi | ||
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THE BUSINESS LOSS AND UNABSORBED DEP WERE OF PREVIOUS YEAR IN WHICH THE ASSESSEE HAD NOT OPTED FOR 44AD. CHECK THE PROVISIONS OF SET OFF OF UNABSORBED DEP OF PREVIOUS YEAR AFTER IDT PAPER - IT CAN BE SET OFF |
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AS YOU ARE SAYING THAT CARRIED FORWARD AND SET OFF PROVISIONS OF UNABSORBED DEPRECIATION IS FROM THE PREVIOUS YEAR HENCE IT CAN BE SETOFF.
BUT 44AD EXCLUDES ALL THE SECTIONS FROM 30 TO 38 AND BROUGHT FORWARD OR UNABSORBED DEPRECIATION LIES IN SECTION 32.
HENCE CANNOT DEDUCT UNABSORBED DEPRECIATION WHEREAS B/F LOSSES IS COVERED UNDER SECTION 72.
Section 44AD Sub-section (2) - Any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of sub-section (1), be deemed to have been already given full effect to and no further deduction under those sections shall be allowed :
PLEASE CORRECT IF I AM WRONG
S.Ramkumar
CAclubindia
