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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

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.