C/f of loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 December 2011
Dear Sir,
Pls clear my doubt
2007-08 Loss 5 Lacs (Return filled on time)
2008-09 Loss 4 Lacs (-------do--------)
200-10 Loss 1 Lacs (Ret. nt filled on time
2010-11 Profit 7 Lacs
1)Loss of 9 Lacs (5+4) can be c/f & S/f against profit of 7 Lacs ????
2) Loss of 1 Lacs cant be C/f
3) Unabsorbed Dep amt included in loss of 1 Lacs can be C/f
Pls clarify
Amit
Pls clear my doubt
2007-08 Loss 5 Lacs (Return filled on time)
2008-09 Loss 4 Lacs (-------do--------)
200-10 Loss 1 Lacs (Ret. nt filled on time
2010-11 Profit 7 Lacs
1)Loss of 9 Lacs (5+4) can be c/f & S/f against profit of 7 Lacs ????
2) Loss of 1 Lacs cant be C/f
3) Unabsorbed Dep amt included in loss of 1 Lacs can be C/f
Pls clarify
Amit
29 December 2011
Yes, your views are correct. The assessee is eligible to carry forward unabsorbed depreciation even if the return of loss is not filed within the time limit stipulated under section 139(1) of the Act
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29 December 2011
Each assessment year is a separate year and treated separately for the purpose of carry forward of losses.
Loss of Rs. 5 lakhs for 07-08 can be set off against profit of Rs. 9 lakhs of 10-11.
Loss of Rs. 4 lakhs for 08-09 can be set off against profit of Rs. 9 lakhs of 10-11.
Business loss of 09-10 cannot be carried forward. [Section 80 read with Section 139(3)]
Unabsorbed depreciation can be carried forward even though the return has not been filed in time.
Further unabsorbed depreciation can be carried forward indefinately.
Loss of Rs. 5 lakhs for 07-08 can be set off against profit of Rs. 9 lakhs of 10-11.
Loss of Rs. 4 lakhs for 08-09 can be set off against profit of Rs. 9 lakhs of 10-11.
Business loss of 09-10 cannot be carried forward. [Section 80 read with Section 139(3)]
Unabsorbed depreciation can be carried forward even though the return has not been filed in time.
Further unabsorbed depreciation can be carried forward indefinately.
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