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Income Tax

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(Querist)
03 April 2010 can unabsorbed depreciation can be setoff against salary income?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
03 April 2010 NO.
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sivaram

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sivaram (Querist)
03 April 2010 but many say that busines loss cannot be setoff on salary but unabsorbed depreciation can be done against it .is there any case law or facts supporting your views please
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
03 April 2010 i think yes
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
03 April 2010 No.sec.32(2) Unabsorbed depreciation can be set off any other income except Salaries.so in this case I agree with Mr.Sanjay
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
03 April 2010 i corrected myself, sec.71 of income tax act says that business loss (includs Unabsorbed depreciation) can not be set- off against salary income.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
04 April 2010 RAMESH JI THANKS FOR YOUR ACCEPTANCE.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
05 April 2010 agree with expert
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