can unabsorbed depreciation loss set off against salary income
Set off losses
Swami Ayyappa Nuli (TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER) (1372 Points)
24 January 2014
2 Replies
(Guest)
No, in my view, it cannot be set off against salaries.
Unabsorbed depreciation is covered under section 32(2) and business loss is covered u/s 71(2A).
U/s 71(2A) business loss cannot be set off against salaries. u/s 32(2) unabsorbed depreciation is to be treated as current year's depreciation. Finally, even current depreciation forms a part of business loss/ profit.
Chennai ITAT in the case of Chandrakumar vs. ACIT (129 TTJ 489) has disallowed the set off unabsorbed depreciation against the salary income.
see link below.
https://wirc-icai.org/wirc_referencer/income%20tax%20&%20wealth%20tax/Set%20Off%20And%20Carry%20Forward%20of%20Losses.htm
Mihir
(Wealth Manager)
(5293 Points)
Replied 25 January 2014
No, business loss cannot be set off with the head income from salary
Recent Topics
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- Nznxnc call me at the end of the day of the
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
Related Threads
CAclubindia
