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set off of income with diff. heads

This query is : Resolved 

Dear Sir,
What is the treatment for Unabsorbed Depriciation in Bussiness Loss?
is it counted as bussiness loss or not?
n can it be adjusted with salary though business losses cant be adjusted with income under salary.
What does sec. 32(2) says about it?
What does act allows regarding Unabsorbed exp. on family planning & capital exp. on scientific research?
plz. respond
Ankit Aggarwal

plz respond

unabsorbed dep should be segregated from loss & it can be set off against salary income.

thnx so much sir
one more thing
CAn,t th loss for one horse race be set off against income from another race horse that took place in diff. city?
say for e.g.
Income from horse races in Delhi(Gross)- Rs.40000,,,and Loss from Race horse in Banglore- Rs.21,000..
Can they be set off or not?
and if not why so?

Yes it can be set off

OUT OF TOTAL LOSS, UNABSORBED DEP. LOSS AND UNABSORBED BUSINESS LOSS SHALL BE SEGGREGATED .
UNABS.DEP. LOSS CAN BE CARRIED FORWARD INDIFINITELY.
BUSINESS LOSS CAN BE CARRIED FORWARD FOR 8 YEARS.
FAMILY PLANNING EXP. MAY BE TREATED AS DEFERRED REV.AND CAN BE WRITTEN OFF OVER A NUMBER OF YEARS.

Expenditure on Scientific Research

Weighted deduction equal to one half times is allowed in respect of the expenditure incurred by a company engaged in the business of bio-technology or manufacture of certain products specified in section 35(2AB), on scientific research or approved in-house research.

IN BUDGET 2008 , THERE IS AN AMENDMENT TO SEC 35 (2AB) ADDING prod.of seeds and manufacture of agr. implements as two more industries for which the 150% weighted deduction is available.

UNDER INTERHEAD ADJUSTMENT OF SET OFF OF LOSSES, SALARY CAN BE SET OFF AGAINST BUSINESS LOSS.
R.V.RAO

thanx sir
got th solution



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