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Tax payables and depreciation

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(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
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Murtaza I Bhagat

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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.
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CMA Poornima Madhava

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CMA Poornima Madhava (Expert)
01 April 2021 As I understand, unabsorbed depreciation can be carried forward for an indefinite period even if the return is belatedly filed.
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sankar ponnan

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sankar ponnan (Querist)
07 April 2021 Mam- Kind request please to guide for that notification if any. It will be very useful for us.
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CMA Poornima Madhava

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CMA Poornima Madhava (Expert)
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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