Unabsorbed depreciation setoff
This query is : Resolved
07 January 2017
Hi Expert,
I have to File my Return for FY 2015-16, my income is commission below 8 lakh as a partnership firm. my question is as follows:
I have loss balance from previous year (i.e Unabsorbed Depreciation of Rs.12380), should i take setoff if have profit in current year ? and if i got loss then can this loss+previous year loss can be carried forwarded for next year.
please guide me how to process.
Thanks
I have to File my Return for FY 2015-16, my income is commission below 8 lakh as a partnership firm. my question is as follows:
I have loss balance from previous year (i.e Unabsorbed Depreciation of Rs.12380), should i take setoff if have profit in current year ? and if i got loss then can this loss+previous year loss can be carried forwarded for next year.
please guide me how to process.
Thanks
CA Suresh Jain
(Expert)
07 January 2017
answer to both the question is yes
07 January 2017
1. Unabsorbed depreciation ( Rs.12,380) can be carried forward to FY 2015-16
2. Business loss of FY 2015-16 can't be c/fd since return is belated.
3. Unabsorbed depreciation of FY 2015-16 can be c/fd.
2. Business loss of FY 2015-16 can't be c/fd since return is belated.
3. Unabsorbed depreciation of FY 2015-16 can be c/fd.
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CA Suresh Jain
(Expert)
07 January 2017
I am sorry, Mr. Warrier is absolutely right
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