BROUGHT FORWARD LOSSES AND UNABSORBED DEPRECIATION

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This discussion addresses whether brought forward losses and unabsorbed depreciation can be used in subsequent years under the new tax regime. While Section 115BAA imposes restrictions, it's suggested that normal business losses and unabsorbed depreciation may still be claimable. The conversation seeks to clarify the Income Tax Act's provisions for these claims.

N RAJAN

N RAJAN (Querist)
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20 December 2021 WHETHER THE BROUGHT FORWARD LOSSES AND UNABSORBED DEPRECIATION CAN BE UTILISED FOR SUBSEQUENT YEARS IN NEW TAX REGIME.
INTIMATIONS COMING UNDER INCOME TAX ACT FOR CLAIMING BROUGHT FORWARD LOSSES AND DEPRECIATION UNDER NEW TAX REGIME. DO ANYBODY FACING THIS ISSUE?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 December 2021 Section 115BAA restricts claiming of brought forward loss and unabsorbed depreciation on account of specific sections of the Act only (whether intentional or not). Hence, it can be inferred that normal business loss and unabsorbed depreciation can still be claimed by a company and there is no need to forego the same.

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N RAJAN

N RAJAN (Querist)
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22 December 2021 Sir, Thanks for your reply.

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