Business loss and ud of it
This query is : Resolved
Akhilesh Chokhani
(Querist)
28 July 2012
After calculating MAT and IT we are paying tax as per MAT. In MAT calculation we have deducted lower of unabsorbed depreciation or business loss to the tune of Rs.50000 as per books.
Now i have a query that if we have used unabsorbed depreciation of book will it have any impact on Depreciation of IT act. i.e., the total unabsorbed depreciation will be allowed to carry forward or not? or whether the amount will be altered.
Now i have a query that if we have used unabsorbed depreciation of book will it have any impact on Depreciation of IT act. i.e., the total unabsorbed depreciation will be allowed to carry forward or not? or whether the amount will be altered.
CA Rahul Jain
(Expert)
28 July 2012
Total unabsorbed depreciation will be allowed to carry forward for Income Tax purpose.
Sec 115JB (for MAT) is a self contained code and starts with non-obstante clause. So, any adjustment done for the purpose of calculation of MAT will not have any effect on c/f business loss/unabsorbed depreciation for the purpose of computation of income tax in subsequent years.
Other experts opinion solicited..
Sec 115JB (for MAT) is a self contained code and starts with non-obstante clause. So, any adjustment done for the purpose of calculation of MAT will not have any effect on c/f business loss/unabsorbed depreciation for the purpose of computation of income tax in subsequent years.
Other experts opinion solicited..
Akhilesh Chokhani
(Querist)
28 July 2012
Thank you Sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Gift to nri relatives residing in usa
- Capital Gains Tax on Inherited Mutual Fund
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
