set off unaborsed depreciation with interest income
This query is : Resolved
27 August 2007
Dear sir
we are a 100%EOU company. During the financial year 2006-07, we have unabsorbed depreciation of Rs. 32 Lakh. Interest income for the current year (FY 2006-07) is Rs. 10 Lakh. whether we will be allowed to set off unabsorbed depreciation with interest income?
please advise
Regards
Satyajit Roy Chowdhury
we are a 100%EOU company. During the financial year 2006-07, we have unabsorbed depreciation of Rs. 32 Lakh. Interest income for the current year (FY 2006-07) is Rs. 10 Lakh. whether we will be allowed to set off unabsorbed depreciation with interest income?
please advise
Regards
Satyajit Roy Chowdhury
27 August 2007
From A.Y 2005-06 Unabsorbed depreciation, capital expenditure on scientific research or family planning , can carry forward with no time limit & set off by any income except salary income.
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