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Set off unabsorbed depreciation if 1 return is not filed in between

Devina (Article) (111 Points)

19 March 2021

Hello,

FY 2016-17 contains unabsorbed depreciation of Previous year (FY 2015-16).
Now ITR not filed for FY 2017-18.

Can unabsorbed depreciation be set off against profits of FY 2018-19?

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3 Replies

Naveen (student) (334 Points)
Replied 19 March 2021

It's ok. Setoff against 2018-19 income. In rare cases, a notice will be given by Income tax department asking to file 17-18 return. Then u can file. But it's very rare. So don't worry. Adjust ur 16-17 losses with 18-19 income

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Devina (Article) (111 Points)
Replied 20 March 2021

Okay thank you

Naveen (student) (334 Points)
Replied 20 March 2021

But make sure there will be no taxable income in 17-18. Because if there income in 17-18, u must set it off against 17-18 income and balance only in 18-19.