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
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Reprocessing of rectification order AY 2025-26
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Goods sold but invoice not issued
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
