Can we adjust Salary Income against Unabsorbed depriciation
This query is : Resolved
02 March 2009
Hi! Guys
Iwant to know that can v take salary Income against adjustment of Unabsorbed Depriciation.
plz Suggest.....
Iwant to know that can v take salary Income against adjustment of Unabsorbed Depriciation.
plz Suggest.....
02 March 2009
no.
unabsorbed depriciation can be set-off against any income chargeable under the head profit and gains of business or profession or under anyother head (except income under the head "salary")
section 32(2).
unabsorbed depriciation can be set-off against any income chargeable under the head profit and gains of business or profession or under anyother head (except income under the head "salary")
section 32(2).
02 March 2009
Salary Income is allowed to be adjusted from Loss from House Property only
02 March 2009
No.
But there is no written clarification in law to that effect.
There may be some case laws.
But there is no written clarification in law to that effect.
There may be some case laws.
02 March 2009
Unabsorbed depreciation is an allowance and not a loss. Carried forward loss only is not permitted to setoff against salary income. In view of this, unabsorbed depreciation, not being a loss, can be set off against salary income.
02 March 2009
As per my knowledge, the very basic purpose for not allowing the set off of business loss from salary income was that, if it is allowed, prople will take undue benefit, the losses from small business could be shown and the salary income could be got setoff by all salaried class people. To curb such practices, these provisions came in to existence. If unabsorbed depreciation is allowed to be set off from Salary Income, the basic purpose of all will again defeat. So logically also it can not be allowed by the Income tax department.
02 March 2009
i agree with MR.Tarun
03 March 2009
Hi! to All of You,
Actually the author Mr. Singhania is nit in favour of taking set of while other Author Mr. Ahuja is in favour of taking of set against same??
Actually the author Mr. Singhania is nit in favour of taking set of while other Author Mr. Ahuja is in favour of taking of set against same??
03 March 2009
Mr. V.K.Singhania said that it can b set of against of any head of Income. He not specifically mentioned the " Salaries "
04 March 2009
That's why i clarified that there is no written clarification to that effect.
16 March 2009
I AGREE WITH MR B CHACKRAPANI WARRIER. UNABSORBED DEPRECIATION IS ONLY AN ALLOWANCE. TERM LOSS IS NOT USED IN SEC 32(2). THE TERM USED IS ALLOWANCE. WHILE IN SECTION 71(2A) IT IS MENTIONED THAT WHERE THE NET RESULT OF COMPUTATION UNDER THE HEAD BUSINESS OR PROFESSION IS LOSS AND ASSESSEE IS HAVING SALARY INCOME SET OFF CANNOT BE DONE. THIS IS APPLICABLE ONLY FOR LOSS AND NOT FOR ALLOWANCE . HENCE 32(2) BEING AN ALLOWANCE IT CAN BE SET OFF AGAINST SALARY INCOME
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