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Sce. 44ad unabsorbed dep. and carry forward loss

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 March 2012 in current year if i apply sec. 44AD can i claim sett of unabsorbed dep and business loss of the previous year? if yes can i carry forward remaining business loss?

if sett off is not allowed than can i carry the unabsorbed dep. and business loss in the next year??
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
29 March 2012 Section 44AD overrides Sections 28 to 43C.

Set off and carry forward of depreciation is governed by Section 32. Since Section 44AD overrides Section 32, unabsorbed depreciation cannot be set off against profits declared under Section 44AD.

However, carry forward & set off of business loss is governed by Section 72. Accordingly brought forward business loss can be set off against profits declared under Section 44AD.
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