Sec. 32(2)
This query is : Resolved
CA Gaurav Gupta
(Querist)
07 August 2008
can unabsorbed Dep. setoff against Presumptive incomeu/s 44AD,44AE,44Af.
mohinder kansal
(Expert)
07 August 2008
in my opinion it can not be set off as under presumptive income all expenses including dep is assumed to be allowed and unabsorbed dep is treated like current year dep
S.Srinivasaraghavan
(Expert)
08 August 2008
Yes it is allowed.
08 August 2008
In my opinion presumptive income concept came inforce due to simplifing the work load of assessee on optional basis. If they choose this option it is deeming that you have claimed all the expenses (except some exception)including depreciation . So my it becomes unclaimable further.
CA Kuldeep Singh
(Expert)
08 August 2008
under section 44AD/AE/AF ( Presumptive income) law starts with words "notwithstanding anything to contrary contained in section 28 to 43C" this means if assessee is covered under setion of presumptive income section 28 to 43C are deemed to have been already given ful effect hence no further deductions are allowed. therefore unabsorbed deprciation is covered u/s 32(2)shall have no treatment from such income
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