Carry forward of unabsorbed depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 November 2014
Sir/Mam
Please tell what is the treatment of unabsorbed depreciation in case of more than 51% change in management of company within the preview of Section 79 of IT Act.
Please tell what is the treatment of unabsorbed depreciation in case of more than 51% change in management of company within the preview of Section 79 of IT Act.
26 November 2014
According to Indian tax provisions, a closely held company is not eligible to
carry forward and set off its business losses if 51% or more of its voting power
in the year in which set-off is claimed is not “beneficially held” by the same
shareholders who beneficially held 51% or more voting power on the last day of
the previous year in which the loss was incurred.
Change in more than 49% of
the shareholding of a company will trigger section 79 of the Act.
carry forward and set off its business losses if 51% or more of its voting power
in the year in which set-off is claimed is not “beneficially held” by the same
shareholders who beneficially held 51% or more voting power on the last day of
the previous year in which the loss was incurred.
Change in more than 49% of
the shareholding of a company will trigger section 79 of the Act.
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