can salaried person claim unabsorbed depreciation if the person has its business or profession.
This query is : Resolved
10 January 2008
I am sanjeev kumar.
10 January 2008
Hi Sanjeev,
Unabsorbed depreciaiton can be claimed if the same as arisen from the business / profession.
Computation of total income is made on the basis of heads of income.
It has no direct nexus to salaried employee. But you should have sufficient reason to explain that you can run your business along with your service.
To claim, the return should be filed within the due date.
Rgds/
Vineet
Unabsorbed depreciaiton can be claimed if the same as arisen from the business / profession.
Computation of total income is made on the basis of heads of income.
It has no direct nexus to salaried employee. But you should have sufficient reason to explain that you can run your business along with your service.
To claim, the return should be filed within the due date.
Rgds/
Vineet
10 January 2008
Section 71(2A) of the Income Tax Act states that:
(2A) Notwithstanding anything contained in sub-section (1) or sub-section (2), where in respect of any assessment year, the net result of the computation under the head “Profits and gains of business or profession” is a loss and the assessee has income assessable under the head “Salaries”, the assessee shall not be entitled to have such loss set off against such income
UNABSORBED DEPRECIATION OF A BUSINESS THEREFOR CAN NOT BE CLAIMED AGAIST SALARY INCOME
(2A) Notwithstanding anything contained in sub-section (1) or sub-section (2), where in respect of any assessment year, the net result of the computation under the head “Profits and gains of business or profession” is a loss and the assessee has income assessable under the head “Salaries”, the assessee shall not be entitled to have such loss set off against such income
UNABSORBED DEPRECIATION OF A BUSINESS THEREFOR CAN NOT BE CLAIMED AGAIST SALARY INCOME
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- Annual return in Gst
- Value of property in capital gain
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
