Tax payables and depreciation
This query is : Open
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
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
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.
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.
01 April 2021
As I understand, unabsorbed depreciation can be carried forward for an indefinite period even if the return is belatedly filed.
07 April 2021
Mam- Kind request please to guide for that notification if any. It will be very useful for us.
07 April 2021
Here is the case law: https://taxguru.in/income-tax/unabsorbed-depreciation-carried-itr-filed-due-date.html
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