Re. Unabsorbed Dep.
This query is : Resolved
03 March 2009
Hi! Devanshi
Mr. V.K. Singhania and Mr. Girish Ahuja have there diff. pont pf view over this particular topic.Mr. Singhnia is not fevoring the taking of set off n Mr. Ahuja is in favour Wts the ????????????????
Mr. V.K. Singhania and Mr. Girish Ahuja have there diff. pont pf view over this particular topic.Mr. Singhnia is not fevoring the taking of set off n Mr. Ahuja is in favour Wts the ????????????????
03 March 2009
Because section 32(2) says about allowance where as section 71(2) speaks about loss. So loss cannot be equated with allowanace. In other words loss is prohibited to set off against salary income but allowance does not, meaning thereby unabsorbed depreciation can be set off against salary income.
03 March 2009
i refer taxmann`s direct taxes A.Y. 2008-2009. where in section 72 its writtern that carry forward of UNABSORBED DEP., CAPITAL EXP. ON SCIENTIFIC RESEARCH AND FAMILY PLANNING EXP. section 72 is NOT applicable these loss are governed by section 32(2). and under section 32(2) its writtern that DEPRECIATION ALLOWANCES first whould be deductible from income under the head Profit and gains if not fully deductible than other heads of income EXCEPT SALARY INCOME for the same AY and even still unabsorbed it can be carried forward and set off against any income in subsequent years EXCEPT SALARY INCOME with the following priority : current dep. brought forward business loss and then unabsorbed dep. Now if Mr. Girish Ahuja is of another opinion than i need to refer it but practically i think B. Chackrapani Warrier is right. v need to find some case laws on this topic.
03 March 2009
this topic is still open for me
03 March 2009
https://www.taxworry.com/2008/10/carry-forward-adjustment-of-losses-in.html
here its writtern that unabsorb dep. cant not be set off against salary......n as mention by Mr.Tarun that Mr. ahuja has withdram than i dnt think that unabsorb dep. can be set off against salary income.
here its writtern that unabsorb dep. cant not be set off against salary......n as mention by Mr.Tarun that Mr. ahuja has withdram than i dnt think that unabsorb dep. can be set off against 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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
