Tax depreciation carry forward

This query is : Resolved

S S Roy (Querist)
Follow

01 October 2008 For FY 2000-01 (AY 2001-02), the carry forward of unabsorbed depreciation was restricted to 8 years. A Company X has an unabsorbed depreciation of Rs 2 cr for FY 2000-01 which is supposed to lapse in FY 2008-09.

Now I have received an opinion that such unabosorbed depreciation for FY 2000-01 would not lapse since the law has been changed in the meantime restoring the earlier unlimited carry forward of Tax depreciation. Is this opinion okay?

Thanks, S S Roy

CA Gaurav Khanna

CA Gaurav Khanna (Expert)
Follow

01 October 2008 There is no limit for the purpose of carrying forward of unabsobed depreciation

Ravikumar.G

Ravikumar.G (Expert)
Follow

01 October 2008 u/s 32(2) - Brought forward unabsorbed depreciation:
Set off against any head of income
Unabsorbed depreciation loss can be carried forward for any number of years until it is fully set off.

Ravikumar.G

Ravikumar.G (Expert)
Follow

01 October 2008 The opinion is correct.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

RAJ SANKLECHA

Pushkar Nagda

sachingurav

R.Prashanth

SUBASH CHANDRA BOSE

Subscribe Now

Tax depreciation carry forward

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA