Carry forward of loss and unabsorbed depreciation
This query is : Resolved
24 May 2012
Sir, A Company earned Income from Business Rs.8000000/- and Income From Other Sources Rs. 70000000/-in A.Y. 2012-13 and want to set-off Business loss U/s 72 For A.Y. 03-04 of Rs.16397004/- and for A.y.04-05 Rs. 746964/- and A.Y.05-06 Rs.4620140/- and A.Y. 07-08 Rs. 65775/- and A.Y.08-09 for Rs.70762/- and A.Y. 10-11 of Rs.145835/- and A.Y.11-12 of Rs. 61776 /- and also set off of Unabsorbed Depreciation U/s 32(2) for A.Y. 1999-2000 of Rs.6043751/- and A.Y.2000-01 of Rs. 11521864/- and A.Y. 2001-02 of Rs.8806693/- and A.Y. 2002-03 of Rs. 6822995/- and A.Y. 2003-04 of Rs.5327787/- and A.Y. 2004-05 of Rs.4179005/- and A.Y. 2005-06 of Rs. 3299093/- In law it is to be written that business loss and unabsorbed depreciation can be setoff indefinite years but I used the software of KDK in which only last eight years are given of current years, Please solve my query that I set off my business losees only last eight years or indefinite years.
24 May 2012
Business Loss can be set off of the Last 8 Assessment Years. However, Depreciation Loss can be c/fd even after 8th AY (Indefinite).
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