01 November 2021
Assessee(Company) has filed Income Tax return belatedly without carry forwarding the Unabsorbed depreciation and MAT credit for previous 6 years. Now Company wants to claim the same in the Current Year Income Tax return. Can he do so?
01 November 2021
Yes, both can be claimed. Unabsorbed depreciation can be carried forward for an indefinite period and can be set off against any other income (other than salary). The unabsorbed depreciation can be carried forward even if the business related to such depreciation has been discontinued.
MAT provisions do not require that the return should be filed on or before the due date to carry forward the MAT credit. The restriction is only for carry forward of losses.
01 November 2021
Thank you for your reply. But the company did not shown unabsorbed depreciation and MAT credit in previous filed returns. So is company is eligible for claiming now?
01 November 2021
In previous years did not carry forwarded the unabsorbed depreciation and MAT credit. Now can they carryforward the previous years figures from now onwards?
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