Tax payables and depreciation

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This discussion clarifies the rules surrounding unabsorbed depreciation and tax payables. Unabsorbed depreciation can generally be carried forward indefinitely, even if the Income Tax Return is filed late. Regarding TDS payables not paid in the current year, the credit must still be claimed in the previous year by filing a TDS Return, regardless of whether the deductee is a director or not.

sankar ponnan

sankar ponnan (Querist)

31 March 2021 SIR-

1] Unabsorbed depreciation loss can be carried forwarded to the next financial years for set-off in case the IT Return filed in late for individual?

2] If TDS payables not paid in current year but to be paid in the next financial year by GTA PVT Company, the deductee can claim it in the next year?

(a) if the deductee is the director of that company?
(b) If the deductee is not the director of that company?

Plz guide us sir
thanks in adv

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

01 April 2021 1. can carry forward unabsorbed depreciation loss if return filed u/s 139(1) within due date.
2. You have to pay TDS with interest but TDS credit need to pass and claim in previous year only by filing TDS Return in both cases.