Hi members
Please suggest solution to this. Profit before Deprecation - Rs. 2.40 lacs, Depreciation - Rs 4.00 lacs. Now the balance Rs. 1.60 will be business loss or unabsorbed depreciation? How to show this in ITR-3?
Thanks
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Business loss or unabsorbed depreciation
Replies (8)
Unabsorbed Depreciation
Sir, how it in ITR-3. ITR Utility is taking it as Business Loss and charging late fee of Rs. 1000.00.
This is unabsorbed deprection and you need to fill up the Unabsorbed Depreciation schedule in the ITR.
Unabsorbed Dep. Sch. is not allowing to enter the amount.
It will show as Businesse loss only, because there is no separate line item for unabsored depreciation in Sch-CFL of ITR3. In next FY, you just fill that loss in Sch-UD and claim that loss by showing in Sch - BFLA. As per sec. 234F if you have not filed the return within due date and your total income is less than 5Lakhs then you have to pay late fee of Rs.1000/-
unabsorbed depreciation..can be carry forward and can be setoff in coming F.Y.
Dear Sukanya, can this loss be carried forward to AY 2019-20 as return is being filed after due date, in Feb. 2019.
unabsorbed depreciation can be carried forward for infinite years and can be setoff against any head as best for any assessee
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